Latitude said that the data of over 300,000 customers were stolen in a "sophisticated and malicious cyberattack".
👉 Background: Latitude Financial is an Aussie financial services company formerly known as GE. These are the loans you may find at the counter of Harvey Norman, JB Hi-Fi, The Good Guys, David Jones.
👉 What happened: Last week, Latitude said that the data of over 300,000 customers were stolen in a "sophisticated and malicious cyberattack". We’re talkin’ more than 100,000 copies of customers' IDs, plus 225,000 customer records.
👉 What else: Latitude said a "major vendor used by Latitude" was targeted in the attack, which led to a weakness in their systems.
💡 Just because you’re compliant doesn’t mean you’re immune from attack. For Latitude Financial, an incident like this will have both reputational and financial consequences.
💡 For Latitude, this incident could trigger costs of between $10 million - $15 million because they will need to undertake new initiatives, like protecting customer identities and hiring expert advisers.
💡 So, this is yet another expensive and damaging cyberattack on a large Australian company over the last year.
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