Breaking News
Investing Pro 0
Free Webinar - The Pyschology Behind The Stock Marketing - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

Singtel assesses potential cost of Optus Australian data breach

Stock Markets Oct 03, 2022 05:15AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A woman uses her mobile phone as she walks past in front of an Optus shop in Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz
 
BAYRY
+0.51%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Sonali Paul

MELBOURNE (Reuters) -Singapore Telecommunications said on Monday it was assessing the potential cost of a massive cybersecurity breach at its Optus arm, Australia's second-largest telco, 12 days ago.

In its second comment on the breach of private data from 10 million accounts, Singtel sought to clarify reports it could face a huge compensation bill.

It said it had not received any legal notice of a class action lawsuit but has engaged lawyers to advise it.

"Any class action will be vigorously defended, if commenced," Singtel said in a statement.

The Australian government has blamed Optus for the breach, which affected the equivalent of 40% of Australia's population, saying customers were exposed to financial crime and pressing the company to do more to notify those affected.

Last week, an unidentified person posted online that they had released personal details of 10,000 Optus customers.

"Singtel is continuing to evaluate the potential financial implications arising from this matter and any material development will be disclosed to the market on a timely basis," the company said.

At least two major law firms, Slater & Gordon and Maurice Blackburn, have said they are investigating a possible class action against Optus to seek compensation for people affected by the breach.

Optus on Monday said it had appointed Deloitte to run an independent external review of the cyberattack.

"While our overwhelming focus remains on protecting our customers and minimising the harm that might come from the theft of their information, we are determined to find out what went wrong," Optus Chief Executive Officer Kelly Bayer (OTC:BAYRY) Rosmarin said in a statement released by Singtel.

Of the 10 million accounts that were breached, 2.1 million customers had had an identity document number exposed where they may need to take action to replace documents, she said in a video message on the company's web site late on Monday.

She said the 10,000 people whose data had briefly been released online had all been informed by the company, and it was working closely with the police to protect them.

"To our knowledge, there is no other release of the information of the customers that have been exposed," Bayer Rosmarin said.

In comments to the Sydney Morning Herald, she said it was too early to describe the nature of the attack, which Home Affairs Minister Clare O'Neil described as "basic" rather than sophisticated.

"There has been no review and no report on the nature of what has occurred," Bayer Rosmarin was quoted as telling the newspaper.

Singtel assesses potential cost of Optus Australian data breach
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email