The Cyberattack on Tangerine Telecom
By Tanzeer Hossain
In February 2024, Tangerine Telecom, a prominent Australian internet and mobile service provider, became the latest victim of a catastrophic cybersecurity breach. The attacker gained unauthorized access and stole the sensitive information of at least 250,000 customers. This included names, phone numbers, and email addresses. This breach poses serious risks for identity theft and other malicious activities affecting Tangerine’s customers.
The breach was traced back to a single account that belonged to a contractor working for Tangerine. This incident underscores the risks associated with third-party contractors who have access to critical systems and data. Whether the contractor was directly involved, or they mistakenly exposed their login credentials to the subsequent attacker, it demonstrates how insider threats can exploit internal access to compromise security without any sophisticated technical attack.
The attack also highlights the importance of security measures such as least privilege access and multiple-factor authentication to prevent or limit the damage that can be caused by the compromise of account credentials. If in this case the credentials were stolen, it also reinforces the importance of training staff – and trusted 3rd-parties with system access – to resist social engineering attacks and to protect work-related information as strongly as if it were personal.
The financial implications of this breach have been substantial for Tangerine. Some of the immediate costs included responding to the incident, beginning forensic investigations and their legal costs. Some examples of long-term costs that Tangerine Telecom may have to pay include monitoring services for affected individuals and regulatory fines.
The financial implications of this breach have been substantial for Tangerine. Some of the immediate costs included responding to the incident, beginning forensic investigations and their legal costs. Some examples of long-term costs that Tangerine Telecom may have to pay include monitoring services for affected individuals and regulatory fines.
Some other ongoing costs for Tangerine Telecom are most likely to include enhancing security measures, for example implementing more vigorous access controls, continuous monitoring, and advanced threat detection systems to prevent future incidents. Additionally, the company will have to deal with costs associated with rebuilding customer trust, taking account of the reputational damage caused by this incident.
Tangerine is still recovering. Some of the steps that they have said they would take involve isolating the compromised systems and cooperating with law enforcement to investigate the incident further. The financial recovery efforts are still ongoing as the company enacts additional security measures while reassuring and supporting affected customers.
In response to the Tangerine incident, the Commonwealth Bank of Australia (CBA), a part-owner of Tangerine, has enhanced its cybersecurity measures. They’ve tightened controls on accounts in particularly sensitive systems, implemented more effective cyber security policies, and enforced multi-factor authentication. Additionally, they’ve collaborated with Tangerine to improve data policies, ensuring regular purging of outdated information.
The Tangerine breach serves as a reminder of the complexities of cybersecurity in our modern technological age, where simple insider threats are just as much of a threat, if not more so, as external attacks. This underscores the critical need for comprehensive security to protect against every type of threat, both inside and out.