## Frontier Communications Hit by Cyberattack, Shares Drop
Frontier Communications Parent Inc. (FYBR) shares are facing pressure in after-hours trading on Thursday following the company's disclosure of an operational disruption caused by a cyberattack.
The company detected unauthorized access to parts of its information technology systems on April 14th. In response, Frontier initiated its cyber incident response protocols, which included shutting down certain systems. This resulted in "an operational disruption that could be considered material."
As of the filing, Frontier believes it has contained the incident and restored its core IT environment. The company is currently working on restoring normal business operations.
Internal investigations suggest that the culprit was likely a cybercrime group. The attackers gained access to personally identifiable information.
Frontier has notified law enforcement and doesn't believe the incident will have a material impact on its financial results or operations. The investigation is ongoing.
Frontier is scheduled to report its first-quarter financial results before the market opens on May 3rd. Analysts expect a loss of 7 cents per share on revenue of $1.436 billion.
FYBR shares were down 3.59% after hours at $21.76 at the time of publication.