Cyberattack on Latitude Financial results in the theft of more than 300,000 identity documents.

In the past few days, Latitude Financial (ASX: LFS) discovered unusual activity on its systems that appears to be a highly technical and malicious cyber-attack. The activity is thought to have started with a significant vendor that Latitude used.

Despite Latitude's quick response, the attacker managed to get hold of employee login information before the incident was contained.

The attacker seems to have obtained personal data from two other service providers by using the employee login credentials.

As of right now, Latitude is aware that the first service provider had approximately 103,000 identification documents stolen, more than 97% of which were copies of driver's licences. From the second service provider, about 225,000 customer records were also taken.

Latitude apologises to the affected customers and is reaching out to them right away. Additional updates will be posted on Latitude's website and the ASX.

Latitude is still responding to the attack and doing everything it can to contain it and stop the theft of additional customer information. This includes isolating and removing access to some internal and customer-facing systems. We have notified the appropriate law enforcement agencies, are collaborating with the Australian Cyber Security Centre, and have hired a number of cyber security experts to help with Latitude's response.

Latitude will assist law enforcement in their investigation of this attack. Our top priorities are to continue providing services while ensuring the ongoing security of our clients, partners, and associates.

Professor of Practice Nigel Phair, Department of Software Systems & Cybersecurity, Faculty of Information Technology, Monash University said it is disappointing, yet unsurprising to see another Australian organisation suffer a cyber attack and subsequent data breach. Until all Australian companies prioritise risk management of their online assets this will continue.

Prof Phair said this attack also highlights that many intrusions into organisations occur through trusted third-party organisations who themselves often do not prioritise cyber security risk management.

He disclosed the banking and finance sector is Australia’s most important critical infrastructure sector. It is important that all organisations in this sector put extra effort into cyber security and ensure the trust and safety in the broader sector for all Australians.

Meanwhile, Minister for Cyber Security Clare O’Neil said The Department of Home Affairs is working with all relevant agencies across government to ensure appropriate support is available to anyone whose data has been exposed.

Ms.O'Neil said Latitude was cooperating with the Australian Cyber Security Centre (ACSC) and regulators "to minimise the damage resulting from this incident".

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