Iress investigation finds breach affected OneVue

OneVue platforms iress cyber security

15 May 2024
| By Laura Dew |
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An investigation of a cyber breach by Iress that occurred last weekend has found it affected its OneVue production environment which contains client data. 

On 13 May, it was announced that an unauthorised access of Iress’ user space on GitHub was detected on 11 May. It initially said no client information was stored on the GitHub platform.

However, following investigation, the firm has discovered a credential within the user space was stolen and used to gain access to the OneVue production environment. 

This is isolated to the OneVue businesses managed funds administration (MFA), platform and superannuation. 

“The OneVue production environment contains client data and we are investigating the extent and nature of the data accessed.

“Investigations have substantially progressed across Iress’ other business lines and at this time we have found no evidence that the remainder of Iress’ production environment, software or client data has otherwise been compromised.”

Iress completed a sale of its OneVue platform business to Praemium only a month ago, which is expected to take 18 months to migrate across to Praemium technology. This was for an initial $1 million in cash consideration and a further payment of up to an additional $20 million over an 18-month period as milestones are met.

In an ASX statement, Praemium confirmed it was unaffected by the incident. 

“The data breach only relates to the OneVue business and no Praemium technology or client data has been impacted. At this time, Praemium has no indication from Iress that OneVue client data has been compromised.

“Praemium receives access to the Iress OneVue Platform Business (IOPB) pursuant to a transitional services agreement with Iress.

“While the investigation is ongoing by Iress, Praemium are in regular contact with Iress and we will continue to keep the market and our clients informed as the investigation continues.”

The OneVue MFA business was sold to SS&C last year. 

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