• Tue. Oct 10th, 2023

Australian Company TechnologyOne Suspends Operations Following a Cyberattack

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Jul 13, 2023
TechnologyOne halts operations after cyberattack

TechnologyOne Ltd. in Australia (TNE.AX) announced on Wednesday that it had discovered unauthorized third-party access to its back-office systems, making it the latest victim of a slew of cyberattacks that have plagued the nation’s businesses since last year.

The program developer has taken swift action after discovering the vulnerability, immediately stopping all trading activity. In order to contain the issue, the company has isolated the affected systems, meaning that they are now no longer vulnerable to exploitation. 

However, the company has stated that it will be conducting a thorough investigation into the incident to determine exactly how the vulnerability arose and how it can be prevented in future.

Previous Cyber Attacks

A series of cyberattacks on Australia’s business sector, beginning with the Optus breach last September, have exposed data from tens of millions of consumers online and prompted the government to establish a new cyber security council and change regulations that the home minister has dubbed “bloody useless.”

The reported data intrusions and unauthorized access by major companies including top retailer Woolworths Ltd (WOW.AX), as well as telecommunications Telstra (TLS.AX) and TPG Telecom (TPG.AX), have highlighted the susceptibility of corporations to cyberattacks.