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FinanceLondon-listed Craneware hit by cyberattack, shares fall 8.9%
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Craneware, a London AIM-listed healthcare services company providing cost management software to hospitals, disclosed a cyberattack involving unauthorized access to a subset of its data environment. Early investigations revealed that a significant volume of file names were viewed and exfiltrated, with employee data and some customer and partner records accessed. The company stated the incident caused no service disruption and that the compromised data is believed to be non-sensitive. Craneware notified the US FBI and UK Information Commissioner's Office. Shares fell 8.9% in early trading on Monday, extending a year-to-date decline of over 40%. Analysts highlighted regulatory response as a key factor, noting Capita's recent £14m fine for a similar breach. Peel Hunt placed its buy recommendation under review pending further details.
Source report
Craneware shares plunged in early trading on Monday after the healthcare services company disclosed a cyberattack. The AIM-listed firm stated that the incident involved "unauthorised access to a subset of its data environment." Initial investigations revealed that "a significant number of file names were viewed and stolen."
The company confirmed that employee data, as well as records of some customers and partners, had been accessed. Craneware added that it has notified the US Federal Bureau of Investigation (FBI) and the UK Information Commissioner's Office (ICO) of the breach.
Headquartered in Edinburgh, Craneware provides cost management software to hospitals and healthcare systems. The company insisted that the incident had not caused any disruption to customer services, and added that the compromised data is believed to be "non-sensitive information."
"The company is continuing to assess the specific nature and scope of all relevant data and is working with advisors to identify affected parties and prepare appropriate notifications," Craneware said.
Within minutes of Monday's market open, Craneware shares fell as much as 8.9% to 1,106 pence. The stock has declined more than 40% since the start of the year.
Regulatory Response in Focus
Analysts noted that the severity of the regulatory response could be key to assessing the impact of the incident. Last year, Capita was fined £14 million over a cyber breach in which customer data was stolen. The fine was reduced from £45 million after Capita argued it had taken steps to enhance cyber resilience.
"Regulators have previously penalised post-event downplaying as heavily as the event itself, so consistency between today's reassuring language and subsequent updates will be critical," said analysts at Panmure Liberum. "The key factor determining severity is whether sensitive US patient data is involved."
Peel Hunt placed its buy recommendation and target price "under review" pending further information.
Source
City AMWestern
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London-listed healthcare services firm Craneware hit by cyberattack