Forum Topics EOL EOL Cyber Attack

Pinned straw:

Added 8 months ago

Energy One has been hit by a cyber attack.

ASX announcement:

326c463c273fd5ea1070efcbd39b71b10417d8.png

Details are rather thin. Is this a loss of customer data, or has it impacted the operations of clients? Depending on the severity of things, it could mean a knock to reputation.

We'll have to see what the investigation turns up. Seems like it's still an ongoing issue.

Yeah,

Cyber Attack is never good. There are only two possibilities now ( either it is worse or its bad)

Remediation expense will show up in FY24 ( which will reduce the margin ) regardless of how bad the attack is.

Proactive security tightening expenses will show up going forward.

There are no wins here.


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thunderhead
8 months ago

The question for investors is what do we do with our positions? Reduce weighting proactively to migitate against the emerging/latent risks? Or continue to hold and do nothing until further information is revaled, by which time the damage (if any) will already be done, especially in such an illiquid name?

Shares are holding up reasonably well so far...

10

loshell
8 months ago

[Held IRL]

@thunderhead IMO way too early to make any moves. Patience while the investigation takes the time it needs to be thorough and identify all affected systems + data is required. I'll be sitting on my hands and hoping that in the fullness of time, some thorough + transparent reporting of the incident is released.

I also disagree with @Valueinvestor0909in that there is still the possibility of "a win" emerging if it turns out their security practices are both shown to be best practice and the details of the "attack" are able to be fully established + shown to have negligible impact (e.g. if they can identify the attack vector, had sufficient auditing in place to trace every move, and are confident systems/data of low importance were accessed). I'll concede that I'm not expecting such a win to materialise though ;)

10
thunderhead
8 months ago

Yeah, the details are sketchy but it's not a good look. This is an ever-present risk, especially for tech companies.

11