Nordnet's app was closed for several hours on Tuesday afternoon, as it was discovered that customers could see other people's share and fund holdings.
According to new information on Wednesday, it was also possible to trade on someone else's account.
"We have seen that it has occurred in a documented case, where a share order was initiated by an unauthorized person. The transaction has been restored, so we have no reported case of direct economic impact on our customers," Nordnet writes according to the newspaper.
"A completely different light"
However, it was not possible to withdraw money from someone else's account, Nordnet states.
This puts it in a completely different light. It's bad enough that information about holdings has been accessible to unauthorized persons, but that you could also make transactions can potentially have major effects for the individual, says Linton.
He assumes that the Financial Supervisory Authority will take a close look at this.
It cannot be ruled out that it ultimately leads to penalty fees for Nordnet, says Linton, who thinks it's hard to say how large the sum may be.
Before any consequences become clear, the confidence in Nordnet is primarily affected, which gets a blow, Linton means.
Customers start to doubt how data security looks and all that, which can lead to damaging the brand and maybe even to customer loss.
I think it will be very important for Nordnet to be as transparent as possible about what actually happened and what may have affected individual customers, says Linton.
Unclear how many
According to Nordnet, the company passed two million customers in the Nordic region last year. The Swedish operations have nearly 500,000 customers, as many in Denmark. Nordnet has the most customers in Finland – 600,000 – and in Norway, there are over 430,000 customers.
According to Dagens Industri, Nordnet is now focusing on sorting out exactly which customers were affected.
Nordnet's share fell sharply in connection with the IT failure on Tuesday, but recovers somewhat in Wednesday's trading.
