Coupang’s Stock Price Rises After Data Breach Investigation
Coupang’s stock price experienced a significant increase on the 26th (local time) on the New York Stock Exchange. This surge is seen as a response to the company’s recent announcement regarding its internal investigation into a major data breach that occurred approximately one month prior.
On this day, Coupang Inc., the parent company of Coupang, closed trading at $24.27, reflecting a 6.45% rise from the previous trading day. The New York Stock Exchange was closed the day before, which was Christmas, making this the first trading session after Coupang disclosed its investigation findings.
Market analysts and observers have speculated that Coupang’s decision to release its investigation results on the 25th, which coincided with Christmas Day, might have been an attempt to stabilize its stock price. On the 25th, Coupang issued a statement stating, “The information leaker accessed 33 million accounts, but only stored approximately 3,000 pieces of data, with no evidence of third-party leakage, indicating minimal damage.”
In addition, Coupang claimed that it successfully recovered the laptop used in the crime. After conducting a forensic investigation on all devices and hard drives used by the leaker to access and steal customer information, the company confirmed that no external transmission occurred. “The leaker deleted all stored data after encountering media reports on the incident, and no customer information was transmitted to third parties,” Coupang added.
However, the government-civilian joint investigation team overseeing the Coupang incident responded swiftly. The team stated, “Coupang’s claims have not been verified by the joint investigation team. These are one-sided assertions.” In response, Coupang argued, “The investigation was not conducted unilaterally by Coupang but was carried out in close cooperation with the government on a daily basis over several weeks.”
This has led to a growing dispute over the truth between the government and Coupang. On the 26th, Coupang released another statement, rebutting that the investigation was conducted under government instructions. However, police clarified, “There was no consultation,” and the National Intelligence Service (NIS), which was cited as having issued instructions to Coupang, also dismissed the claim, stating, “We have never given any instructions.”
Key Points from Coupang’s Statements
- Coupang reported that the information leaker accessed 33 million accounts, but only stored around 3,000 pieces of data.
- No evidence of third-party leakage was found, suggesting minimal damage.
- The company claimed to have recovered the laptop used in the crime.
- Forensic investigations on all devices and hard drives confirmed no external transmission of data.
- The leaker deleted all stored data after media reports on the incident were published.
- No customer information was transmitted to third parties.
Government Response and Ongoing Dispute
- The government-civilian joint investigation team criticized Coupang’s statements as one-sided.
- Coupang defended its actions, stating that the investigation was conducted in collaboration with the government.
- Police denied any consultation with Coupang during the investigation.
- The National Intelligence Service (NIS) rejected the claim that they issued instructions to Coupang.
This ongoing conflict highlights the complexity of handling large-scale data breaches and the importance of transparency and verification in such situations. As the situation unfolds, stakeholders will be closely watching for further developments and clarifications from both Coupang and the government.
