iBahn disputes a recent news report that its network was accessed by sophisticated hackers.

Hackers in China – who are part of a “massive espionage ring” named “Byzantine Foothold” – were able to allegedly access iBahn’s network in a cyber attack, according to Bloomberg (News - Alert) News.

Because iBhan provides Internet service to about 3,000 hotels, where executives use the network, hackers may have been able to view “millions of confidential e-mails,” Bloomberg said. Some of these may have been encrypted.

The hackers may have been after intellectual property that has a high value, Bloomberg adds.

This week, iBahn said it had "not found proof of any breach on the iBahn network," according to the IDG News Service.

"iBahn takes the security and protection of its customers' information very seriously, provides its customers with the highest possible level of security, and relentlessly monitors attempted hacks,” the company added in a statement carried by IDG. “As such, we are now gathering all relevant information regarding this matter and will provide updates as soon we learn more."

Rik Ferguson, director of security research and communication for Trend Micro (News - Alert) in Europe, speculated in an interview with IDG that some of the guests at the hotels may be senior executives who have "access to confidential information."

However, IDG points out that any hackers would be blocked anyway because many companies use virtual private networks to encrypt communications between an employee’s computer in the field and their company’s network. Hackers would need digital keys to decrypt the communications, IDG said.

Meanwhile, Bloomberg Businessweek reports that the Chinese government denied it had role or “any responsibility” for the hacking from that country.

The potential for damage and loss is staggering from the alleged hacking. For example, the value of items stolen from U.S. corporate computers “in the last year reached almost $500 billion,” Bloomberg said.

Scott Borg, director of the U.S. Cyber Consequences Unit, commented that, “We’re talking about stealing entire industries. … This may be the biggest transfer of wealth in a short period of time that the world has ever seen.”

It also appears that companies who were hacked by Byzantine Foothold are Internet Service Providers (ISPs), according to Bloomberg, “which can be used as platforms to hack other victims and disguise spying activity.”

iBahn provides services to numerous hotels and hotel chains globally. For example, it recently signed up the luxurious Hotel Napoleon Paris, according to a report from TMCnet.