Optus paid dearly for last year’s major cyberattack, with its brand copping a $1.2 billion hit and falling down the list of Australia’s most valuable brands.
This is according to Brand Finance Australia’s annual analysis of the country’s most valuable brands.
According to BFA’s methodology, brand value refers to the present value of earnings specifically related to brand reputation.
Woolworths topped the list, with the brand worth $16.2 billion, after an 18 per cent leap.
The grocer was followed by Telstra, who was valued at $13.2 billion after leaping an impressive 29 per cent – no doubt in response to Optus dropping the ball.
Conversely, Optus saw a 19 per cent fall in brand value to $3.3 billion, falling from 11th to 17th.
As Mark Crowe, Managing Director of Brand Finance Australia, explained: “Removing the impact of this one-off pernicious event, Optus’ brand value would have otherwise increased by 11 per cent.”
The telco’s brand was valued at $4 billion in 2022, and was forecast to leap to $4.5 billion before the hack.
“When you have a one-off event like that, the pernicious effect of it can be very profound,” said Crowe.
“A one-off event that creates negative sentiment can wipe out five years of continual growth in brand strength.”
