TechnologyOne faces turmoil as shares resume trading following hack.

Australian Enterprise Software Maker TechnologyOne Resumes Trading Following Hack

Internet security remains a critical issue in today’s business landscape. Unfortunately, no company is immune to cyber-attacks, even those that specialize in cybersecurity solutions. One of Australia’s leading software companies, TechnologyOne, was recently hacked. The company halted trading temporarily when it detected unauthorized access to some of its systems, including the internal Microsoft 365 back-office system.

The Cyber-Attack

TechnologyOne noted in a statement that it had detected the cyber-attack on May 10. The unauthorized access to its internal Microsoft 365 back-office system triggered immediate action, including isolating the affected systems and launching an investigation. The company resumed trading on May 12, following confirmation from third-party cybersecurity experts that its Microsoft 365 system is now secure. The company assured its investors and customers that the affected systems are fully operational.

Security Measures

In times of a data breach, it is normal for businesses to reassure their clients that their data is safe. While TechnologyOne has not shared any details about the breach, it has confirmed that its customer-facing SaaS platform is not impacted. Also, it has reiterated that customer’s information and data on TechnologyOne‘s SaaS platform are safe and secure.

Earlier this year, Cisco detailed a new phishing-as-a-service operation used by cybercriminals to target Microsoft 365 accounts of organizations in the healthcare, manufacturing, real estate, and technology sectors, including in Australia. The cyber-attack on TechnologyOne‘s Microsoft 365 back-office system may have been part of a cybercrime operation involving ransomware.

Previous Australian Companies Targeted

TechnologyOne is not the only Australian company to have been targeted by malicious actors in the past year. In 2022, LATITUDE Financial, TPG Telecom, Medibank, and Optus were also targeted. These attacks highlight how cybercriminals are becoming more sophisticated and using every possible means of exploiting vulnerabilities in their attempts to steal data and disrupt businesses.

Recommendations

The TechnologyOne data breach serves as a reminder to businesses of all types and sizes to remain vigilant and take appropriate measures to protect their operations, employees, and customers. Building a strong internet security system involves investing in cybersecurity measures, regular maintenance, and training. Investing in a top-rated cybersecurity system for businesses, and ensuring that cyber insurance is in place, could make a big difference in averting potential threats.

Conclusion

Cyber-attacks continue to be a threat in today’s business landscape. While businesses like TechnologyOne work to perfect their cybersecurity measures, cybercriminals continue to become more sophisticated in their attempts to disrupt businesses and steal data. It’s up to all companies to be vigilant in their efforts to protect themselves and their customers from these threats.