This paper analysed moral panics on the implementation of an ICT sector regulatory system called Consolidated ICT Regulatory Management System (CIRMS). The study focused on how the media reported on the events and opinions of stakeholders on the implementation of CIRMS for the ICT sector of Malawi. Media reports published between 2009 and 2012 were analysed using thematic analysis. The results showed that the media reported both potential benefits and threats of CIRMS. Some of the benefits included effective billing and revenue generation for the regulator. However, some of the reports indicated that the system had a potential of surveillance to record calls of mobile phone users. Some stakeholders perceived that the system would invade personal privacy which led to moral panics. The study demonstrated the unintended consequences of implementing an information system with a wider scope of stakes. Thus, managers responsible for information systems implementation should be cautious of social implications for ICT sector regulatory systems.