The Verge - Securities
The only official statement we’ve seen until now has been from the Australian Department of Home Affairs, which confirmed it was working with the company to understand a cybersecurity incident. As noted above, it says it became aware of unauthorized activity on May 20th it’s now May 31st. Live Nation has not responded to requests for comment from The Verge.
Live Nation didn’t provide specific details about the breach, how many people are affected, or what it’s doing, but a report by the security firm Hudson Rock claims bad actors breached their Snowflake cloud storage account, as well as those of other companies. A few days later, Hudson Rock removed its report, and Snowflake issued a statement saying there was no evidence its platform had been compromised.
However, Live Nation investors can perhaps feel comforted by executives saying they don’t believe this breach will have a material impact on its overall business, which makes sense if you believe the Department of Justice’s monopoly allegations. With the Live Nation-Ticketmaster conglomerate controlling more than 60 of the top 100 US amphitheaters, where else are people going to go?
Update, June 3rd: Noted that Hudson Rock has removed its report, and Snowflake maintains there’s no evidence its platform was breached.
Published: 2024-05-31T20:11:04
