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TechnologyOne reassures clients after recent cyber attack

Published 12/05/2023, 10:17 am
Updated 12/05/2023, 10:19 am
© Reuters.

Australian software company TechnologyOne Ltd (ASX:TNE) recently announced that its client-facing SaaS platform was unaffected by the cybersecurity breach it experienced earlier this week. The company confirmed that the incident was limited to their internal Microsoft (NASDAQ:MSFT) 365 back-office system.

On Wednesday, TechnologyOne had reported detecting unauthorized third-party access to its back-office system, making them one of several companies targeted in a series of cyber attacks since last year. To mitigate the situation, the affected system was isolated and has now been restored to full functionality.

In order to ensure security following the breach, TechnologyOne enlisted third-party cybersecurity experts who have verified that their systems are secure and no further illicit activities have occurred.

The company is currently focusing on investigating what data may have been accessed during the breach and will take necessary steps to engage with any individuals impacted by it.

This latest incident highlights corporate vulnerability to cyber attacks as other major firms such as Woolworths Ltd (ASX:WOW), Telstra Group Ltd (ASX:TLS), and TPG Telecom Ltd (ASX:TPG) have also faced data breaches and unauthorized access incidents in recent times.

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