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Personally identifiable information from 129,000 accounts and 23 enterprises affected in Singtel data privacy breach

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4 years ago

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Personally identifiable information from 129,000 individual accounts and 23 enterprises was affected by a recent data privacy breach involving telecommunications conglomerate Singtel.

The data taken includes consumer information containing varying combinations of personally identifiable information, said the company on Wednesday (17 Feb).

The enterprises include suppliers, partners and corporate customers.

Singtel said that a “large part” of the leaked data comprises the company’s internal information that is classified as non-sensitive such as data logs, test data, reports and emails.

Singtel said that it has completed initial investigations into the said breach, which took place in a third-party file-sharing system, adding that it has begun reaching out to affected stakeholders.

List of data affected by the recent Singtel data breach. Source: Singtel

Based on investigations and analysis conducted so far with the help of cybersecurity experts, the company has established which files on the Accellion FTA system were accessed illegally during the breach and which stakeholders have been impacted.

Accellion FTA, said Singtel, was the target of a sophisticated cyber-attack exploiting a previously unknown vulnerability.

When first alerted to exploits against the system last December, Singtel promptly applied a series of patches provided by Accellion to plug the vulnerability, the last patch being 27 December.

On 23 January this year, Accellion advised that a new vulnerability had emerged that rendered patches previously applied in December ineffective. Singtel immediately took the system offline.

On 30 January, Singtel’s attempt to patch the new vulnerability in the FTA system triggered an anomaly alert.

Accellion informed thereafter that the system could have been breached.

Singtel’s investigations later confirmed this and identified 20 January as the date the breach occurred.

The FTA system has been kept offline since 23 January. On 9 February, Singtel established that files were taken as a result of the breach and informed the public two days later on 11 February.

Singtel said that it has begun notifying all affected individuals and enterprises to help them and their staff manage the possible risks involved and take appropriate follow-up action.

“We are also appointing a global data and information service provider, to provide identity monitoring services at no cost to affected customers to help them manage potential risks. This service monitors public websites and non-public places on the internet, and notifies users of any unusual activity related to their personal information,” said the company.

Singtel’s Group CEO Yuen Kuan Moon on Wednesday apologised for the data privacy breach.

“While this data theft was committed by unknown parties, I’m very sorry this has happened to our customers and apologise unreservedly to everyone impacted. Data privacy is paramount, we have disappointed our stakeholders and not met the standards we have set for ourselves,” he said.

“Given the complexity and sensitivity of our investigations, we are being as transparent as possible and providing information that is accurate to the best of our knowledge. We are doing our level best to keep our customers supported in mitigating the potential risks,” Mr Yuen added.

Mr Yuen also thanked Singtel’s customers and partners for their patience and understanding as the company continues its cyber and criminal investigations to understand the full extent of the breach.

Singtel’s core operations and functions, he said, “remain unaffected and sound”, particularly as the incident “involves a standalone system provided by a third-party vendor”.

“Information security remains our highest priority and you have my commitment that we are conducting a thorough review of our systems and processes to strengthen them,” Mr Yuen assured.

In November last year, Parliament passed changes to the Personal Data Protection Act (PDPA) that will enable authorities to put in place heavier financial penalties against companies for data breaches.

With the introduction of the changes, large firms — those with an annual turnover of over S$10 million — can be fined 10 per cent of its annual turnover in Singapore or S$1 million, whichever is higher.

The enhanced PDPA also requires organisations to notify the Personal Data Protection Commission (PDPC) affected individuals if there is a possibility that the data breach will cause significant harm, or if 500 or more individuals are affected by the said breach.

Individuals tasked with handling or controlling personal data may also be prosecuted for mishandling or re-identifying anonymised information without authorisation.

If found guilty, individuals may be punished with a fine of S$5,000, or up to two years’ jail, or both.

Communications and Information Minister S. Iswaran said during the debate on the amendments that “the PDPC will ensure that financial penalties imposed are proportionate to the severity of the data breach”.

He noted that the increase in fines against companies found guilty of data breaches will come into effect only a year after the amended Act comes into force.

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GIC reportedly explores options for its 50% stake in India’s Greenko, worth US$5B

Singapore’s GIC is exploring a potential sale of its 50% stake in India’s Greenko Energy, valued at approximately US$5 billion, reported Bloomberg.

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3 days ago

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9 October 2024

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Singapore’s sovereign wealth fund, GIC, is considering a possible sale of its 50% stake in India’s Greenko Energy, a move that could be valued at approximately US$5 billion.

According to sources cited by Bloomberg, the Singaporean entity has engaged financial advisers to explore options, including a full or partial divestment. Discussions are in the preliminary stages, and a final decision on the sale has yet to be made.

A potential deal would place the valuation of Greenko, a major player in India’s renewable energy sector, at about US$10 billion.

Greenko’s portfolio includes 7.5 gigawatts of installed capacity across wind, solar, and hydropower assets distributed across 15 Indian states. GIC’s involvement with Greenko has been substantial, holding a significant influence on the company’s strategic direction.

Potential buyers and market positioning

Prospective investors for GIC’s stake include other sovereign wealth funds, infrastructure-focused investment funds, and energy companies. Sources have indicated that considerations remain preliminary, and GIC could opt against proceeding with a sale.

Apart from GIC, Greenko’s other significant backers include the Abu Dhabi Investment Authority (ADIA) and Japanese financial group Orix. Greenko has been seeking opportunities to raise additional capital to support its growth trajectory, potentially through new investment rounds in the coming months.

The company, however, dismissed reports of GIC’s intended stake sale as inaccurate without providing further details.

Financial outlook and recent challenges

In March 2024, Fitch Ratings revised its outlook on Greenko Energy Holdings’ Long-Term Issuer Default Rating (IDR) from Stable to Negative, affirming the IDR at ‘BB’.

The revision reflects concerns regarding Greenko’s EBITDA net interest coverage, expected to fall below 1.5x by the end of the financial year 2025 before recovering in 2026. This shift is attributed to Greenko’s planned acquisition of a 60.08% stake in the 1,200-megawatt Teesta III hydro project in Sikkim, alongside additional capital expenditures for a new 1.5-gigawatt solar power plant.

The Teesta III acquisition involves substantial restoration efforts due to damage caused by flash floods in October 2023.

Greenko’s management anticipates funding part of the acquisition costs through shareholder equity inflows and insurance compensation for the flood damages. However, Fitch’s assessment includes a conservative 50% reduction in the estimated insurance proceeds and a projected six-month delay in restoration.

GIC’s strategic role in Greenko

GIC, which holds four seats on Greenko’s 13-member board, has been instrumental in shaping the company’s strategic direction.

The sovereign wealth fund’s involvement extends to oversight of Greenko’s investment plans, operational strategy, and risk management. GIC has contributed significantly to Greenko’s recent capital requirements, including a US$700 million investment in 2023 to support the development of Greenko’s pumped storage projects.

Beyond this, Greenko’s ambitious investment plans, such as the acquisition of the Teesta III project, are backed by shareholder commitments amounting to approximately US$1.4 billion over the period from 2024 to 2027. This figure represents around 25% of the projected investment costs and underscores the substantial equity support that GIC and other stakeholders have provided.

Market context and outlook

The potential sale of GIC’s stake in Greenko comes at a time of growing investor interest in renewable energy assets in India.

The country has been rapidly expanding its renewable energy capacity as part of its climate commitments and energy transition strategy.

Greenko, with its diverse asset base and experience in renewable energy development, represents a significant opportunity for investors seeking exposure to this sector.

However, the challenges faced by Greenko, particularly the financial strain from the Teesta III acquisition and related capital expenditures, present risks to potential investors.

The recent downgrade in its credit outlook by Fitch Ratings reflects these pressures, even as Greenko continues to explore opportunities to secure additional funding to support its growth.

A spokesperson for GIC declined to comment on the potential sale, while Greenko refuted reports regarding the matter without elaboration.

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OpenAI to open second Asian office in Singapore

OpenAI will open its second Asian office in Singapore in 2024, following its first office in Tokyo established earlier this year. This fourth international branch aims to enhance regional collaboration and partner with local initiatives, including AI Singapore, focusing on generative AI models that reflect Southeast Asia’s diverse cultures and languages.

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4 days ago

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9 October 2024

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SINGAPORE:  OpenAI, the San Francisco-based leader in generative artificial intelligence (AI), has revealed plans to open its second Asian office in Singapore later in 2024.

This will mark the company’s fourth international branch, focusing on enhancing regional collaboration and partnering with local initiatives, such as the national AI programme, AI Singapore.

This expansion comes on the heels of OpenAI securing billions of dollars in funding and credit, leading to a valuation of $157 billion, bolstered by support from SoftBank Group Corp., a prominent AI investor.

Earlier this year, the US startup established its first Asian office in Tokyo, where it introduced a bespoke GPT-4 model specifically designed for Japanese-language customers.

CEO Sam Altman expressed excitement about the move, stating, “Singapore, with its rich history of technology leadership, has emerged as a leader in AI, recognising its potential to solve some of society’s hardest problems and advance economic prosperity. ”

“We’re excited to partner with the government and the country’s thriving AI ecosystem as we expand into the APAC region.”

Altman, who last visited Singapore in June 2023, highlighted the increasing demand for advanced AI tools across APAC, noting that Singaporeans rank among the highest-per-capita users of ChatGPT globally.

The number of weekly active users in Singapore has doubled since the start of 2024.

OpenAI plans to hire between five and ten employees before 2025 for roles related to sales, security, and solutions engineering, with a strong commitment to local talent.

The regional operations will be led by Oliver Jay, former chief revenue officer at Asana, who will serve as managing director of International based in Singapore.

The firm intends to collaborate more closely with Singaporean government partners, such as the Economic Development Board (EDB), to support AI development in the region.

OpenAI aims to invest up to US$1 million in resources to create AI models that accurately reflect the region’s diverse languages and cultures in partnership with AI Singapore.

AI Singapore is currently developing Sea-Lion, a network of large language models akin to ChatGPT, specifically trained for Southeast Asian users to ensure that the AI captures the region’s unique cultural nuances.

Since the public launch of ChatGPT in 2022, OpenAI’s technology has rapidly integrated into various AI solutions for businesses and government entities in Singapore, including customer service chatbots and an internal AI assistant for civil servants known as Pair.

Competing AI models from Google Cloud and Meta are also being tested in several local projects.

This expansion comes amidst reports of OpenAI transitioning from a non-profit research lab to a more investor-friendly, for-profit model due to rising operational costs associated with running powerful AI systems globally.

While OpenAI maintains that its non-profit arm is central to its mission, this shift has raised industry concerns regarding the management of AI risks, including data collection practices and ethical considerations.

OpenAI is set to host its first Developer Day in Singapore on 21 November, targeting local developers and start-ups to foster innovation in the AI space.

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