TPG Telecom hit to the tune of -2% as iiNet cyberattack punished by holders

TPG Telecom (ASX:TPG) has clocked red intraday on Tuesday after a cyberattack on its flagship iiNet product has caused some investors to dip out of the company.

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Referred to as a ‘cyber incident,’ TPG on Tuesday wrote that it appears somebody has stolen high-level credentials to access the iiNet ‘backend,’ from there able to access some customers’ information.

TPG reported only names, emails, numbers, and residential addresses were likely exposed, as opposed to hard financial data like credit card and bank details.

Still, that opens up a potentially very large pool of targets to hit with further scam attempts moving forward; some 280,000 customers are thought to have been affected.

The case – or market reaction – echoes that of Medibank (ASX:MPL) a few years ago when a fairly wide-spreading cyber attack hurt that company’s share price hard. In fact, APRA ended up stinging MPL for that one.

And the same thing happened just two months ago, too, when Qantas was hit.

As cybersecurity experts have long been saying, the market should probably prepare to see more, and not less, of this kind of breach.

TPG last traded at $5.21/sh.

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