The Nordnet stock plummeted on the stock exchange after the IT failure and was down 6 percent after the online broker got its services up and running again.
There is uncertainty about what can happen to Nordnet in terms of investigations and sanctions. And confidence in the company as a whole can also be damaged, which can also affect the stock price, says Sverre Linton, chief lawyer at Aktiespararna, about the price reaction.
Bank secrecy is a strict regulatory framework. Therefore, a leak like this becomes very serious – if Nordnet customers have gained access to other Nordnet customers' account information, he adds.
Risks a Penalty Fee
Nordnet, for example, risks the Financial Supervisory Authority (FI) issuing a penalty fee, which could amount to over half a billion kronor based on Nordnet's turnover last year. In addition to FI, the incident may be investigated by the Integrity Protection Authority, according to Linton, since it involves personal data.
The risk of a penalty fee exists, but it's difficult to say before we know more, says Linton.
Nordnet's shutdown of the app and website at 11:20 am on Tuesday was made after reports that customers in all four countries where the online broker operates – Sweden, Norway, Finland, and Denmark – could see other users' account information. Among other things, the contents of stock and fund holdings were visible.
No Indication of External Influence
Initially, Nordnet has not seen anything indicating that a hacker attack or other external influence caused the failure, according to Tidestad.
There is also no information that customers who gained access to other customers' accounts have been able to or have made transactions on other customers' accounts.
