ASX 200 stock IPH Ltd (ASX: IPH) is tumbling today amid an update on the company’s latest cybersecurity attack.
Shares in the intellectual property services provider are sinking 11.92% at the time of writing to $7.39 apiece. For perspective, the S&P/ASX 200 is down 1.52% today.
Let’s take a look at what is weighing on this ASX 200 stock today.
Cyber attack
IPH shares are plunging after the company provided more details on a cybersecurity incident.
As my Foolish colleague James reported on Tuesday, the company entered a trading halt on Tuesday after news first emerged of the attack.
IPH is a global intellectual property services company with clients including multinationals in 25 countries around the world.
In today’s release, IPH advised it detected “unauthorised access” to a portion of its IT environment on 13 March.
IPH said the investigation may take “some time to complete”. Since discovering the cyber incident, IPH has been working to “secure its IT environment”.
The company is conducting a forensic investigation with leading cybersecurity and forensic IT advisors.
The company’s head office and two of its member companies in Australia — Spruson and Ferguson and Griffith Hack — have been impacted.
The incident, based on preliminary findings, is mainly limited to the document management systems (DMS) of head office and the practice management systems (PMS) and DMS of its member companies. Commenting further, IPH said:
The information contained in the DMSs includes documents relating to the administration of these entities and, in the case of the two IPH member firms, client documents and correspondence.
The PMSs contain IP case management information (such as filing timelines) relating to the practice of the two IPH member firms.
The investigation underway is focussed on determining whether the information stored in these systems has been accessed by the unauthorised third-party.
IPH apologised to clients and the community and said it will continue to update shareholders, clients, and stakeholders.
Share price snapshot
The IPH share price slid 8% in the past year, while it has descended 11% in just the past month.
This ASX 200 stock has a market capitalisation of about $1.7 billion based on the current share price.
