Looks like Latitude Finance is trying to give consumers more "latitude" in their exposure to cyber risks. The Australian finance company admittedly fell victim to an attack that has exposed customer data and Latitude Financial has been forced to stop adding new customers from clients such as Apple, Harvey Norman and JB Hi-Fi as it tries to contain the damage from criminals, who still appear to be active in its computer systems.
This highlights the ongoing problem of data breaches in the finance industry, especially as more individuals shift to online platforms for financial transactions. Therefore, it is always important to check your bank statements and monitor your accounts for suspicious activity!
The fact that Latitude is unable to verify that its environment is clean means that they have a potential systemic problem in their cybersecurity infrastructure. This lack of confidence in their cybersecurity posture has resulted in them pausing new customer applications, which could lead to a loss of revenue opportunity.
In terms of future trends, there is a possibility that organisations hit by ransomware or similar cyber attacks may have to prove a clean bill of health before resuming full operations. This could be done through regular and independent third-party assessments or audits that verify that no malicious entities are present in their infrastructure. However, it might take some time to become commonplace as it puts the burden of proof on organisations even more, and it could create hurdles in resuming business operations.
This is why it is important to invest in preventative measures, as detecting and responding to an incident can end up being a long process.