This ASX 200 company has just become the latest victim of a cyber attack, and its share price is diving

The S&P/ASX 200 Index (ASX: XJO) is no longer a stranger to the perils of a cyberattack. One of the biggest news stories of the year to date has been the massive cyberattack suffered by ASX 200 share Medibank Private Ltd (ASX: MPL) back in October.

As a result of this cyberattack, Medibank shares are halted from trading for a week. When the shares eventually returned to the market, the Medibank share price plunged by 15% and remains well below its pre-attack pricing to this day.

There was also a well-publicised cyberattack suffered by telco Optus, although Optus shares aren’t listed on the ASX.

Well, today it seems this disturbing 2022 trend is continuing. We’ve just got a share market notice out of ASX 200 telco TPG Telecom Ltd (ASX: TPG). This has flagged that TPG is the latest company to suffer a cyberattack.

ASX 200 telco TPG announces a major breach

Just before market open this morning, TPG released an announcement that revealed “unauthorised access to a hosted exchange service”.

Here’s some of what the announcement said:

On 13 December 2022, TPG Telecom’s external cyber security advisers, Mandiant, advised that they found evidence of unauthorised access to a Hosted Exchange service which hosts email accounts for up to 15,000 iiNet and Westnet business customers.

Based on the preliminary analysis undertaken to date it appears the primary aim of the threat actor was to search for customers’ cryptocurrency and financial information.

We apologise unreservedly to the affected iiNet and Westnet Hosted Exchange business customers. We continue to investigate the incident and any potential impact on customers and are advising customers to take necessary precautions.

TPG has assured investors that it is taking immediate action:

We have implemented measures to stop the unauthorised access, further security measures have been put in place, and we are in the process of contacting all affected customers on the Hosted Exchange service. We have notified the relevant government authorities.

The matter remains under investigation and we will be communicating with directly affected
customers as more information becomes available.

The TPG share price has reacted accordingly so far this Wednesday. Although the ASX 200 telco has avoided the devastating falls that hit Medibank Private, TPG shares are still down a nasty 4.73% so far this Wednesday to $4.83 a share.

The post This ASX 200 company has just become the latest victim of a cyber attack, and its share price is diving appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Tpg Telecom. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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