GMO Internet Group's share price temporarily fell more than 11% on the 26th. Selling spread amid concerns about customer compensation costs and the impact on earnings after an unauthorized-access issue involving a subsidiary's service was reported.
GMO Internet Group's share price temporarily fell more than 11% from the previous weekend's close on the Tokyo Stock Exchange. The reported unauthorized-access issue involving a subsidiary's service was cited as the main reason, with concerns spreading over customer compensation costs and the potential impact on future earnings. Market participants reportedly viewed concerns about security issues affecting the company's services as having dampened investor sentiment. It was also noted that movements in other related stocks may have affected the overall market trend.
GMO Internet's share price, meanwhile, also temporarily fell more than 12% from the previous weekend's close on the same day. The reported unauthorized access occurred on the FX cloud service provided by the company, and operations that users did not recognize were reportedly identified in their trading accounts. The incident reportedly heightened concerns about security and prompted investors to sell.
GMO Internet Group President Kumagai Masatoshi (熊谷正寿) apologized in a blog on the night of the 26th. He stated that “issues requiring improvement” had been flagged in advance in relation to the security issue believed to be the cause, reportedly indicating the need to respond based on warnings from the company's in-house engineers.