Chanticleer
The Optus hack will cost millions (and not just in payouts)
Based on the experience of companies overseas, the Optus cybersecurity breach could cost the company hundreds of millions of dollars.
The minor move in the share price of Singapore Telecommunications, the parent of cyber-hacked telecommunications company Optus, is surprising given the likely heavy commercial costs from losing the data of up to 9.8 million customers.
Optus will suffer financial damage in two ways. It will lose profits to competitors as existing and potential customers go elsewhere. Also, its expenses will balloon to cover the cost of fixing its weak security defences and to compensate customers.
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