Bloomberg Law
Sept. 30, 2022, 5:35 AM

Customer Crater Looms at Optus After Major Hack, Analysts Say

Angus Whitley
Angus Whitley
Bloomberg News

The vast data breach at Australian mobile-phone operator Optus risks triggering customer defections, with Morgan Stanley modeling an exodus to rivals of as much as 30% of the 9.2 million client base.

Optus, owned by Singapore Telecommunications Ltd., last week revealed hackers had exposed the records of 9.8 million current and former customers. Millions of them lost details of passports, drivers licenses or medical identity cards, the Australian government said.

Morgan Stanley analysts modeled a range of potential outcomes, the worst of which sees Optus eventually losing 30% of its customers as they switch networks following the security breach. ...