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.
The post TPG (ASX:TPG) shares whacked by cyberattack appeared first on The Motley Fool Australia. –

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.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

More reading

ASX 200 Weekly Wrap: ASX whipsaws in volatile week

2 ASX dividend shares for income investors

Telstra (ASX:TLS) slammed for enabling identity theft
2 ASX dividend shares that could offer yields of 5% or more today

Why this expert is urging you to buy these ASX defensive shares even in a bull market

The post TPG (ASX:TPG) shares whacked by cyberattack appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!