
18 Jan 2024
Kyivstar Completes Preliminary Assessment of the Financial Impact of the Cyberattack Amsterdam and Kyiv, 18 January 2024 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services ( the Company ), announces its preliminary assessment of the financial impact of the cybersecurity incident that affected the network and services of its Ukrainian subsidiary Kyivstar in December 2023.
The incident, which was caused by a widespread external cyberattack, resulted in a temporary disruption of Kyivstars network and services, interrupting the provision of voice and data connectivity on mobile and fixed networks, international roaming, and SMS services, amongst others, for Kyivstar customers in Ukraine and abroad. Working relentlessly, and in collaboration with the Ukrainian law enforcement agencies, the Security Service of Ukraine and government agencies, Kyivstar restored services in multiple stages starting with voice and data connectivity. After stabilizing the network, Kyivstar immediately launched offers to thank its customers for their loyalty, including one month of free services on certain types of contracts.
VEON and Kyivstar also engaged in a financial impact assessment, the preliminary results of which have become available.
Largely because of the limited period during which the critical services were down, VEON expects no material financial impact on its consolidated results for the year ended 31 December 2023 due to these service disruptions, or due to costs associated with additional IT capabilities required for restoring services, replacing lost equipment, or compensating external consultants and partners in 2023.
However, the Company does anticipate that there will be an impact on its consolidated revenue results for the year ending 31 December 2024 associated with the revenue loss arising from the customer loyalty measures taken by Kyivstar in order to compensate for the inconvenience caused during the disruptions. The revenue impact of these offers is currently estimated to be approximately 3.6 billion UAH (approximately 95 million USD).
Kyivstar plans to continue its remediation and compensation efforts in the coming months. The costs or loss of revenue of any other such remediation measures is uncertain and cannot be reasonably estimated at this time.
VEON and Kyivstar would once again like to thank their customers for the support and loyalty demonstrated during and in the aftermath of the cyberattack; and to their industry partners and Ukrainian authorities for their support in the recovery of the services.
Important Notice
Elements of this press release contain or may contain inside information as defined under the Market Abuse Regulation (EU) No. 596/2014.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com.
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, the financial impact on VEON's consolidated 2024 financial results, VEON's efforts to address the consequences of the cyberattack, including its remediation measures. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communication
pr@veon.com
TUVA Partners
Julian Tanner
Julian.tanner@tuvapartners.com
This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy
We wont track your information when you visit our site. But in order to comply with your preferences, well have to use just one tiny cookie so that youre not asked to make this choice again.
AcceptDecline
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Narrative Entertainment has partnered with Encompass to deliver high-quality subtitling of its Great! network content using the Altitude Intelligence AI assiste...
06/05/2026
SipRadius, widely recognized for making content processing and connectivity secure and seamless, is proud to launch a dramatic new approach to AI content creati...
06/05/2026
When the broadband and media industry gathers at ANGA COM in Cologne from May 19 to 21, Big Blue Marble will be at the forefront. The international broadcast an...
06/05/2026
Cinegy GmbH, a leading developer of software-defined television technology, is proud to exhibit at MPTS for the first time. Visitors to the stand will discover ...
06/05/2026
Val Jeanty Receives 2026 Doris Duke Artist Award Jeanty, a composer, percussionist, and turntablist, is the fourth Berklee recipient of the prestigious award ...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
06/05/2026
When live cycling races and international marathons stretch for miles across cities and countryside, there is no margin for RF failure in live broadcast. As Chi...
06/05/2026
Oberkochen/Germany, May 5, 2026
ZEISS announces the launch of CinCraft LensCore, a novel solution for creating physically based cinematic lens looks for visual...
06/05/2026
The race to build the world's most powerful AI factories demands networking ...
06/05/2026
How changes to proteins can alter drug interactions for new precision therapies Scripps Research team maps how chemical modifications to proteins affect drug bi...
05/05/2026
Experts from the world of academia, tech, business, politics and media convened for a Thomson Talks at the Cambridge Disinformation Summit in April. It's th...
05/05/2026
Three phones were hardwired for power and transmission to the truck; camera feat...
05/05/2026
The creative studio behind campaigns for the NBA, Fanatics Sportsbook & Casino, ...
05/05/2026
Nielsen has announced results from a co-viewing pilot program covering February&...
05/05/2026
viztrick AiDi, an on-device AI solution developed by Nippon TV, delivered global...
05/05/2026
ARRI has announced Omnibar, a battery-powered, IP65-rated multi-color LED linear...
05/05/2026
Imagine Communications has announced that France T l visions is the first broadc...
05/05/2026
The Women's National Basketball Association (WNBA) and Bell Media today announced a multiyear agreement to broadcast and stream WNBA games in Canada beginni...
05/05/2026
SVG is proud to announce Warner Bros. Discovery's Techwood Studios in Atlant...
05/05/2026
With no operator required, AutoMic workflow automates talent identification on U...
05/05/2026
A crash in 2015 set the industry back, but this winter proved that drones are he...
05/05/2026
Another year, and more proof that Asia continues to shape some of the world's most exciting new sounds. This year's RADAR artists draw from deep local r...
05/05/2026
The Austin City Limits Music Fest 2026 lineup just dropped, and this year, Spoti...
05/05/2026
New drum machine book campaign incoming
Bjooks have announced that during Superbooth 2026, they will be launching a Kickstarter campaign to fund the product...
05/05/2026
Flagship all-in-one production bundle updated
The latest version of Native Instruments' flagship virtual instrument and plug-in bundle has just been ann...
05/05/2026
Rohde & Schwarz to host RF Testing Innovations Forum 2026, helping design engine...
05/05/2026
L3Harris provides communications, electronic warfare, sensors and mission systems that enable Virginia-class submarine crews to operate with confidence in conte...
05/05/2026
The company grew by 7.6% in net revenue and 16.3% in EBITDA, achieving a 33% inc...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
05/05/2026
Project Marks First Major Broadcast Deployment of Latest Addition to SNP Lineup
Imagine Communications today announced that France T l visions is the first br...
05/05/2026
Shotoku Broadcast Systems Wins 2026 NAB Show Product of the Year Award
Shotoku Broadcast Systems announced today that its Swoop range of robotic cranes has be...
05/05/2026
DigitalGlue's creative.space Intelligence Wins Future's Best of Show Award, Presented by TV Tech
creative.space Intelligence (CSI), part of the creativ...
05/05/2026
Zixi, a leader in live video delivery and workflow orchestration, will showcase next-generation broadcast workflows at the Media Production and Technology Show ...
05/05/2026
Stingr marks its launch with a new approach to second-screen interactivity
Brie Clayton May 5, 2026
0 Comments
Huge leap forward in revenues and engag...
05/05/2026
Shotoku Broadcast Systems Wins 2026 NAB Show Product of the Year Award
Brie Clayton May 5, 2026
0 Comments
Shotoku Broadcast Systems announced today tha...
05/05/2026
Following a successful NAB Show in Las Vegas, DHD will promote examples from its wide range of broadcast-quality audio production equipment at the May 13th-14th...
05/05/2026
LucidLink today announced its programme for MPTS 2026, where it will exhibit at Stand M59 at Olympia London, 13 to 14 May. The company will showcase its latest ...
05/05/2026
Limecraft today announces the release of Limecraft 2026.3, the third platform update in its 2026 release cycle. Limecraft is an AI-powered production platform t...
05/05/2026
Huge leap forward in revenues and engagement...
05/05/2026
Broadcast Solutions, a leading system integrator and provider of innovative solutions for the broadcast media industry, has taken another significant step in st...