Major consumer finance lender Latitude Group [ASX:LFS] has entered a trading halt today as the group scrambles to sort a malicious cyber-attack that has resulted in around 103,000 identification documents and 225,000 customer records being stolen.
It seems cyber burglars have been very busy this week, as intellectual property services management firm IPH [ASX:IPH] also reported a cyber security incident of its own, with administration and IPH member firms client documents also being taken.
IPH shares fell more than 10.5% after providing details of the cyber security incident, and it now suffers a 14% deficit in share value for 2023 alone.
LFS, too, has seen its shares plummet by 7.5% so far in the calendar year, and no doubt braces for a fall in shares once its trading halt is lifted.
Source: TradingView
Latitude loses more than 300,000 customer files
Latitude Financial detected ‘unusual activity’ on its system over the last few days, and now declares it has fallen victim to a ‘sophisticated and malicious cyber-attack’ believed to have originated from one of its major vendors.
LFS assured the public it had taken immediate action; even so, the attacker was able to gain Latitude employee login credentials and access files before the incident was isolated.
The attacker used the employee credentials to steal personal customer information, with 103,000 identification documents taken — more than 97% of which were described as copies of driver’s licences — and 225,000 customer records have also bene reported stolen, to date.
Latitude saw fit to launch a trading halt while it tends to the security breach, saying that it continues to respond to the attack whilst doing everything it can in order to prevent further theft of customer data.
The financial group is working closely with cyber authorities to investigate the incident.
This incident comes a month after Bob Belan stepped into his new role as managing director and CEO; however, exiting Chief Executive Ahmed Fahour is still around to assist at this time of great emergency.
Further updates pertaining to the attack will be uploaded to the group’s website.
IPH also under attack
Latitude isn’t the only one under attack by cybercriminals this week. Intellectual property handlers IPH also released an ASX announcement explaining that it identified unauthorised access to its systems as recently as two days ago.
IPH’s IT team detected an incident whereby document management systems at the group’s head office were compromised, with information, documents, administration, client documents members firms, and other correspondence having already been accessed by the intruders.
So far in the investigation, IPH said the incident seems primarily limited to the document management system and head office firms, particularly its practice management systems.
IPH said it has notified the ACSC (Australian Cyber Security Centre) and says, ‘the investigation underway is focussed on determining whether the information stored in these systems has been accessed by the unauthorised third-party’.
Both cyber-attacks come mere months after Medibank Private, Optus, TPG, and Costa Group Holdings all faced their own cyber scandals.
Time will tell in each of today’s instances just how much damage has occurred and how this will affect both companies’ customers and clients.
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Regards,
Mahlia Stewart,
For Money Morning
