Bullshit. An Octopus that size isn't going to strangle anybody, and can't really do much suction on a wetsuit, which has a porous fabric surface.

Source: I spear fish, and have bagged 100's of octopuses. The only danger from one that size is a bite, as they have a "parrot" beak, and very minor damage at most.

I don't fish them any more, BTW. I had one of those experiences of having one playing with me, and they suddenly moved into the same territory as dogs, cats, horses, etc. in my mind.