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Giant Optus Hack May Swallow a Quarter of Singtel Profits

Sept. 29, 2022, 3:13 AM

The cost for Singapore Telecommunications Ltd. to make good customers exposed to one of Australia’s worst data breaches risks wiping out more than one-quarter of its annual profit.

Optus, SingTel’sAustralian mobile-phone business, last week revealed hackers accessed the personal information of as many as 9.8 million customers -- over one-third of the population. Some 2.8 million of them lost details of passports, drivers licenses or government-issued medical identity cards, triggering concerns about large-scale identity fraud, according to the government.

One week after the hack was disclosed, the scale and the fallout -- as well as the potential costs for ...