KYIV, Jan 18 – The telecommunications holding VEON, which owns the largest Ukrainian mobile operator Kyivstar, assessed the financial consequences of a cyber attack that disabled the Ukrainian operator’s network for eight days: the effect on consolidated annual revenue will be UAH 3.6 billion ($95 million).

“Due to the limited period of critical service outage, VEON does not expect a material financial impact on its consolidated results for the fiscal year ending December 31, 2023. It is expected that the use of additional IT tools necessary to restore services, replacement of lost equipment and payment of compensation to external consultants and partners in 2023 will also not have an impact. The loss of revenue associated with measures to increase customer loyalty taken by Kyivstar to compensate for the inconvenience caused during outages will have an impact. The impact of these measures on revenue is currently estimated at approximately UAH 3.6 billion ($95 million),” VEON reported on the official website on Thursday.