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What the Latest Latitude Financial Cyberattack Means for Customer Security

What the Latest Latitude Financial Cyberattack Means for Customer Security

The recent cyberattack on Latitude Financial has affected more than 300,000 customers and resulted in the exposure of sensitive personal information.
This goes to show that even larger Australian companies are not immune to cybercriminals trying to steal valuable data.
Latitude Financial, a consumer lender that offers buy now, pay later schemes to customers shopping at places such as JB Hi-Fi, David Jones, The Good Guys, and Harvey Norman, joins the growing list of Australian companies that have suffered from data breaches.

According to The Guardian, the company reported the theft of personal information of over 300,000 customers. Hackers were able to steal 103,000 identification documents, including drivers' licenses, from one provider and 225,000 customer records from another provider in the "sophisticated and malicious" cyberattack. Latitude Financial has not yet disclosed the names of the two service providers.

Latitude Financial confirmed that they had noticed unusual activity on their systems, which they immediately acted upon. However, the attacker was able to obtain Latitude employee login credentials to access personal information held by other service providers. This indicates that cybercriminals are becoming more sophisticated and are finding ways to bypass cybersecurity measures implemented by companies.

UNSW cybersecurity expert Richard Buckland stated that the cyberattack was "very concerning" because of the sheer amount of identification documents required to take out a loan. Latitude Financial is responsible for keeping customers' personal information confidential and secure, and this breach has put customers' financial security at risk. It is worrying to think that customers who have handed over sensitive information that they need to take out loans are now at risk of identity theft.

Latitude Financial has apologized to affected customers and has taken immediate steps to contact each one of them. They are also working closely with the Australian Cyber Security Centre to investigate the incident further. Furthermore, the company has urged customers to monitor their accounts for any unusual activities and has assured them that they are doing everything they can to prevent further breaches from occurring.

Data breaches like these should serve as a wake-up call for companies to invest more in cybersecurity. They must ensure that their cybersecurity protocols are up to date and that employees are aware of their responsibility in maintaining the security of sensitive customer data. Companies that offer financial services must take extra precautions since customer data is their most valuable asset.

In conclusion, the Latitude Financial cyberattack is another reminder that companies need to be proactive in securing their customer data. Cybercriminals will continue to evolve their tactics and will always look for vulnerabilities to exploit. Companies must take the necessary steps to ensure that they are equipped to prevent cyberattacks while reassuring their customers that they are taking every step to keep their data safe. It is essential to prioritize cybersecurity measures for the sake of customer security and trust.

Published:Friday, 17th Mar 2023
Source: Paige Estritori

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