Australian company TechnologyOne halts trading over cyber security incident

Software-as-a-service company TechnologyOne announced today (10 May) that it was halting trading on the Australian Stock Exchange after it detected unauthorised access to its internal back-office systems.

The intrusion was in a Microsoft 365 system, and TechnologyOne has said that it has not affected its own SaaS platforms and related customer data.

The trading halt will last until Friday, 12 May, or until the company informs the ASX otherwise. The ASX has granted the halt.

“The company has acted with urgency to investigate the issue, including initiation of its cyber response strategy, appointing third-party experts, and isolating affected systems,” said Edward Chung, TechnologyOne’s chief executive, in a letter to the ASX. “The company has reported this incident to relevant authorities and continues to not only comply but go beyond its regulatory obligations. Once the investigation is further progressed, we will be in a position to contact those who may be affected to work with them on the ongoing safety of their data.

“We apologise to impacted individuals for any concern this incident may cause.”

TechnologyOne provides SaaS solutions to organisations in a wide range of industries, including education, government, healthcare, and financial services. “Seventy-three per cent of Australian and New Zealand residents live in a council powered by TechnologyOne,” the company said on its own website.

The company is Australia’s largest enterprise software provider, with a global reach and a customer base of over 1,300 corporations and agencies.

The University of Melbourne, Great Southern Bank, and Seven West Media are just some of TechnologyOne’s customers.

David Hollingworth

David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.