Optus hack shows companies must take timely reporting of cybersecurity breaches more seriously

IN THE span of two months, four locally listed companies have made announcements about cybersecurity breaches. These announcements were varied in their detail, which perhaps is an indication of the difference in severity. But it may be time for boards and shareholders to step up their demands for thoroughness in disclosures.

Frasers Property on Aug 2 said its 38.3 per cent-owned Thai subsidiary, Frasers Property (Thailand), had experienced a data leak. A further update on Aug 15 notified shareholders that the cyber incident involved the leakage of customer and employee data.

On Aug 31, Sembcorp Marine said it had discovered a breach involving the personally identifiable information of some incoming, existing and former employees as well as non-critical information relating to its operations.