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Singtel Could Lose Significant Amount of Profit Amid Optus Hack

Industry: Telecom
Current: Company Performance

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 – 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

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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