:max_bytes(150000):strip_icc()/GettyImages-2185295717-c3b6a50ece184c66ab0f94d7494961f0.jpg "An E-Commerce Stock Is Jumping Today After a Cyberattack Knocked It Down")
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Key Takeaways
- Coupang announced it has resolved a cyberattack and that no customers’ personal information was taken.
- The South Korean e-commerce firm said the hack only revealed building entrance codes and that a former employee confessed.
An e-commerce stock is rising Friday after the company said a cyberattack doesn’t appear to have left customer payment information at risk.
Shares of Coupang (CPNG) were recently up about 9% after the company offered an update about the cyberattack on its South Korean subsidiary, which exposed the personal data of some 33 million customers.
Why This Matters to Investors
The fallout from a cyberattack can be highly problematic, for financial and other reasons, for the companies that are victims. Investors have determined that a recent attack on Coupang wasn’t as bad as might have been feared, and the stock rose Friday after the company’s update.
Coupang said “the perpetrator has been identified, and that all devices used in the data leak have been retrieved.” It added that its investigation revealed the hacker “retained limited user data from only 3,000 accounts and subsequently deleted the user data.”
The company’s shares tumbled on Dec. 1. when the breach was first revealed, later falling to their lowest levels since April. With today’s gains, the shares are up about 13% year-to-date.
Coupang said all that was taken was “2,609 building entrance codes,” and that no “payment data, log-in data or individual customs numbers” were collected. In addition, Coupang said none of the information was passed on to others.
The company said it determined that the hacker was a former employee who confessed.
