TPG (ASX:TPG) shares whacked by cyberattack

The telco’s customer data has been exposed, but the company says the damage was isolated with few impacted.

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falling telco asx share price represented by mobile phone displaying security breach

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A cyberattack has hit one of TPG Telecom Ltd (ASX: TPG)’s cloud-hosting services, chopping down its share price today.

The internet and mobile provider revealed the incident in an announcement to the ASX on Monday morning. TPG shares are down 1.59% at the time of writing, to trade at $4.97.

The attack targeted TPG’s TrustedCloud, which is a product gained from TPG’s 2011 acquisition of IntraPower Limited.

The company has called in outside assistance.

“We have notified the relevant government authorities and we have engaged external cyber security experts to assist with management of the incident,” TPG stated.

“Although we are confident this incident has not impacted our other environments, we have also increased the cyber security defences across our entire business.”

The attack has meant customer data was exposed.

“Based on the evidence from our forensic experts, only two TrustedCloud customers had their data accessed in the incident. At this point, we do not believe any other TrustedCloud customers were impacted.”

Legacy system was due to be turned off this year

The TrustedCloud is an old system due to be decommissioned in August.

According to TPG, there are only “a few” remaining customers using the service.

“We have notified and have been working with the two impacted customers and continue to provide them with information and assistance,” the telco stated.

“The TrustedCloud service is hosted in a standalone environment that is separate from our telecommunications networks and other systems. The incident has not impacted customers from any of our other brands, products or services.”

TPG shares have been on a downward slide since they traded in the $8s in July 2020 after a merger of TPG Telecom and Vodafone Australia.

TPG’s cyberattack news comes after a phishing scam hit Domain Holdings Australia Ltd (ASX: DHG) last week. Telstra Corporation Ltd (ASX: TLS) was also reprimanded on Friday by the telecommunications watchdog for enabling scammers to steal customers’ identities.

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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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