How has the Singtel share price responded to the Optus data breach?

Optus' parent company has been trading lower since news of the hack was announced.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • Shares in Optus parent company Singtel have been trading lower since the Optus data hack
  • It's now reported the hackers have withdrawn their $1 million ransom demand, saying it was a "mistake"
  • The Singtel share price is down around 2.2% since the hack was announced last Thursday

The Singapore Telecommunications Limited (SGX: Z74), or Singtel, share price is feeling some shockwaves in the wake of Optus announcing it had been hacked.

Singtel shares dipped 1.12% the day after its subsidiary Optus made the announcement on Thursday last week.

In total, the Singtel share price has dropped 2.24% since then, currently fetching SGD$2.62 at the time of writing.

Let's cover how Singtel's share price reacted to developments in the Optus breach story and the key highlights.

stock market news, person checks phone in front of electronic stock exchange boad

Image source: Getty Images

The attack

My Fool colleague Bernd notes that hackers stole personal information from 9.8 million Optus customers in the attack. The information divulged included dates of birth, names, and potentially details from identification documents such as passports and driver's licences.

Some sensitive information was said to be spared in the breach, including payment details and user account passwords.

Since the attack, the hacking group has demanded a $1 million ransom not to publish all of the stolen data. To get Singtel to comply with its demands, it released 10,000 customer records, and the group said it would publish a total of 40,000 more records on Tuesday if the ransom went unpaid.

Amid The Guardian reporting news of the demand yesterday, Singtel shares have dipped 0.76% today.

And a regrettable ransom?

However, my colleague Brooke notes that the group may be regretting its act of blackmail. It's reported an alleged spokesperson from the group said "[they] don't care anymore" and that it was a "mistake" to publish the stolen records.

If there's no more release of Optus stolen data, it may relieve Singtel investors' fears that the worst of the attack is over.

Singtel acquired Optus in August 2001 and traded on the ASX until 2005. Optus brought in $776 million of cash flow to Singtel over the 12 months ended 31 March 2022.

Motley Fool contributor Matthew Farley 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on International Stock News

A father helps his son look through binoculars during a family holiday or day out in the city.
International Stock News

Why emerging markets could be a winner after US-Iran peace deal: Expert

Here's why now could be the time to target emerging markets.

Read more »

the australian flag lies alongside the united states flag on a flat surface.
Economy

US chip stocks were smashed overnight. So why are ASX tech shares rising?

ASX tech shares are bouncing as US chip stocks tumble.

Read more »

the australian flag lies alongside the united states flag on a flat surface.
International Stock News

3 easy ways to buy Nvidia stock on the ASX

It has never been easier to own Nvidia shares.

Read more »

Three small children reach up to hold a toy rocket high above their heads in a green field with a blue sky above them.
International Stock News

SpaceX shares are rocketing – how can Aussie investors get exposure?

Should investors buy into the hype?

Read more »

A woman stacks smooth round stones into a pile by a lake.
International Stock News

Gina Rinehart just made US$425 million from SpaceX shares in 2 days

Gina Rinehart’s US$1 billion SpaceX bet is already paying off.

Read more »

Astronaut floats in space looking down on Earth.
International Stock News

Elon Musk is now the world's first trillionaire. Should you buy SpaceX shares?

Elon Musk’s SpaceX delivered a huge first-day gain for investors.

Read more »

A rocket blasts off into space with planet behind it.
International Stock News

BlackRock just ordered US$5 billion of SpaceX shares. Should you follow?

BlackRock’s huge SpaceX order adds more heat to the IPO.

Read more »

Codan share price A dismayed kid dressed as a scientist stands with his back to a rocket crashed into the ground
International Stock News

The SpaceX IPO will make lots of people rich. Just not you

SpaceX is about to float, but could it sink early investors?

Read more »