VIQ suffers data privacy incidents in Australia

Executive Summary

• VIQ Solutions Inc. identified data privacy incidents involving unauthorized internal access to data for Australian-based transcription services.
• The company states there is no evidence of public disclosure, misuse, or attempted misuse of the affected information.
• The incident is expected to have a material impact on the company's financial condition and results of operations, including material non-recurring expenses and potential reputational damage in the Australian market.

Key Details

• Nature of Incident: Unauthorized access to data by members of the company's global personnel performing Australian-based transcription services.
• Scope of Impact: Access was limited to certain Australian customers; it did not impact customers or operations in other jurisdictions globally.
• Financial Impact: The company expects the incidents to have a material impact on its financial condition or results of operations. This includes expected material non-recurring expenses related to regulatory, legal, and potential notification requirements.
• Operational Impact: The company expects the incidents may impact its Australian workforce and reputation in the market.
• Response Actions:
  • Activated incident response protocols immediately upon awareness.
  • Commenced an internal investigation with a leading independent cybersecurity firm.
  • Engaged the cybersecurity firm to assist in the investigation.
  • Working directly with affected Australian customers to implement solutions and ensure continuity of service.
• Data Status: No evidence of public disclosure, misuse, or attempted misuse of the affected information.

Notable Quotes

• "While the full scope of the impact is still under review, it is reasonably likely to have a material impact on the company's financial condition or results of operations, as the company's Australian operations represent a significant portion of the company's annual revenues..."