The cost for Singapore Telecommunications Ltd. to make good the loss to customers exposed to one of Australia’s worst data breaches risks wiping out more than one-quarter of its annual profit. Optus, Singtel’s Australian mobile phone business, revealed that hackers accessed the personal information of as many as 9.8 million customers, which accounts for over one-third of the population. Some 2.8 million of them lost details of passports, driver’s licenses or government-issued medical identity cards, triggering concerns about large-scale identity fraud, according to the government.
One week after the hack was disclosed, the scale and the fallout – and the potential costs for Optus – are mounting. The net profit of Singapore Telecommunications Ltd increased significantly in March 2022 over that in the last six months, according to GlobalData.
Cyberattacks became a global concern, as evidenced by the exposure of at least 11.43 billion customer records at several hundred entities in more than a decade. Australian police are working with the US Federal Bureau of Investigation on the Optus hack.
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