The Optus hack will cost millions (and not just in payouts)

Australia News News

The Optus hack will cost millions (and not just in payouts)
Australia Latest News,Australia Headlines
  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 60 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 90%

OPINION: Based on the experience of companies overseas, the Optus cybersecurity breach could cost the company hundreds of millions of dollars.

, is surprising given the likely heavy commercial costs from losing the data of up to 9.2 million customers.

could respond to the cyber hack by cutting the price of Optus’ mobile plans. But this strategy would only work if Bayer Rosmarin can prove to the world that Optus has fixed all of its data protection failings.Restoring trust in the Optus brand could take a year. One thing in Bayer Rosmarin’s favour is that 65 per cent of her mobile customers are on postpaid plans that run for a minimum of 12 months.

This was a pragmatic solution to the problem because it allowed each individual affected by the data breach to be alerted if a criminal tried to use their personal details to obtain a fraudulent loan.This solution is being considered by Optus. But it was not clear on Friday whether it would extend it to all the customers whose data was stolen or only those who lost drivers licences and passports.

This drastic scenario would include the criminal using the stolen documents to switch the customer’s mobile to another SIM card, which could then be used for two-factor identification. Of course, the data records kept by Optus are not covered by this law. But the penalty does indicate what policymakers think of the gravity of a failure in privacy protection.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

FinancialReview /  🏆 2. in AU

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Optus hack updates LIVE: Optus compromising 9.8m records is ‘worst case scenario’Optus hack updates LIVE: Optus compromising 9.8m records is ‘worst case scenario’Optus says it has received no demands for ransomware payments since the data breach on Wednesday; The reported 9.8 million records that were compromised is the “worst case scenario”, Optus chief Kelly Bayer Rosmarin says. Follow updates here.
Read more »

Optus’ response to massive data breach ‘incredibly weak’Optus’ response to massive data breach ‘incredibly weak’Sky News host Chris Smith says the massive Optus data leak which compromised the privacy of up to 9.8 million users raises the issue of if customers “can ever trust the security of our utility providers again”. “What was Optus up to, in delaying news of the breach to the public, and then to their customers?” he said. “The government's Scamwatch site says: ‘If you are an Optus customer, your name, date of birth, phone number, email addresses may have been released'. “’For some customers, identity document numbers, such as driver's licences, or passport numbers, could be in the hands of criminals’.” Mr Smith said this leak could make it easy for criminals to commit identity theft but questioned why, if the breach was discovered on Wednesday night, Optus did not make a statement until 2pm Thursday afternoon. “That's an incredibly weak response,” he said. “That delay has clearly allowed hackers, to begin the process of harvesting key data, without customers able to offset those attacks themselves. “And what is also astounding about the way Optus is handling this, is that still today, they don't know exactly how many customers are impacted.”
Read more »

Optus CEO’s shock admission in cyber attack aftermath: ‘Be vigilant’Optus CEO’s shock admission in cyber attack aftermath: ‘Be vigilant’The personal information of up to nine million customers was compromised. A new theory has emerged about how it happened.
Read more »

Millions of Optus customers hit by major cyber attackMillions of Optus customers hit by major cyber attackThe personal information of up to nine million Australians could be compromised, after one of the country's largest telecommunications company was hit by cyberattack on Thursday.
Read more »

Optus hit with cyber attack exposing customer information, company saysOptus hit with cyber attack exposing customer information, company saysOptus is hit by a cyber attack that compromises customer information.
Read more »

Optus hit by major cyber attack with millions of customers' data potentially compromisedOptus hit by major cyber attack with millions of customers' data potentially compromisedPhone and internet provider Optus has been hit by a major cyber attack, prompting concerns customer data has been compromised.
Read more »



Render Time: 2025-02-17 00:03:25