Qantas (ASX:QAN) has seen shares dip into the red right out the gate on Tuesday following the company’s revelation it’s been hit with a cyberattack.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
The carnage was nothing like that facing Medibank (ASX:MPL) back in 2022 on a similar issue, which prompted APRA to take action against the insurer a year later.
Still, not great for Qantas. Though, long-term shareholders likely don’t mind a dip under -2%, looking at 1Y returns of +80%. Qantas’s FY2025 was not unlike that of Commonwealth Bank (ASX:CBA), making it kind of like a safe haven in the skies.
(But as some analysts recently noted when discussing the recent Virgin listing, “Australia won’t have two airlines forever.”)
Regardless, some investors did punish – or at least turn bearish – on the Qantas cyber attack news on Wednesday.
The reason losses were tame is most likely because the heavyweight Australian company took the time to note no credit card information had been breached, meaning there’s less risk of some kind of darkweb-leak-ransomware scenario, often the worst-case outcome for these cyberattacks.
“On Monday, we detected unusual activity on a third-party platform used by a Qantas airline contact centre,” QAN wrote.
“There are six million customers that have service records in this platform. We are continuing to investigate the proportion of the data that has been stolen, though we expect it will be significant.
“Importantly, credit card details, personal financial information, and passport details are not held in this system.”
More market news
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
“Not possible”: ACCC is taking AGN to court over gas port claims
The stock is likely hoping that narrative remains steadfast – part of why Medibank was so badly punished in 2022 is that its story kept changing.
QAN last traded at $10.58/sh.
Update: One mention of ‘FY2024’ was changed to correctly read ‘FY2025.’
Join the discussion: See what HotCopper users are saying about Qantas and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please clickhere.