SingTel Facing Financial Crisis After Data Breach
• SingTel, the parent company of the Australian mobile phone company Optus, could be facing a financial crisis as the fallout from its latest data breach grows. Last week, it was revealed that Optus had suffered one of Australia’s largest data breaches to date, with over 9.8 million people affected – over one-third of the […]
• SingTel, the parent company of the Australian mobile phone company Optus, could be facing a financial crisis as the fallout from its latest data breach grows. Last week, it was revealed that Optus had suffered one of Australia’s largest data breaches to date, with over 9.8 million people affected – over one-third of the population. Of these, 2.8 million had sensitive information such as their passports, drivers licenses and government-issued medical cards compromised. Industry experts estimate the cost for SingTel to make good customers exposed to this data breach could reach as much as $420 million dollars, which could wipe out more than one-quarter of its annual profits. SingTel is yet to comment on the costs associated with the breach.
Reference: https://www.bloomberg.com/news/articles/2022-09-29/giant-data-hack-in-australia-risks-eating-into-singtel-s-profit#xj4y7vzkg