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Last week, fintech group Latitude Group Holdings reported a data breach hit it along with other Australian firms, including intellectual property services provider IPH Ltd. This string of attacks was the latest attack from last year’s significant attacks on Medibank and Optikus.
According to many tech experts, hackers are continuously targeting Australia due to its shortage of skilled workers in the cybersecurity industry and the fact that companies need to prioritise cybersecurity.
In a report published by The Cyberwire website, “Latitude Group Holdings announced that the personal data of approximately 328,000 customers were stolen in what appears to be a sophisticated and malicious cyber attack.”
The report noted that over 103,000 identity documents in one of the service providers were compromised. Ninety-seven per cent of identity documents are composed of driver’s licences. An additional 225,000 customer records were taken from another provider.
An official statement from the company noted, “while Latitude took immediate action, the attacker was able to obtain Latitude employee login credentials before the incident was isolated.” Richard Buckland, a cybersecurity expert at the University of New South Wales, expressed his concern about the breach.
Buckland said the breach was ‘very concerning’ as Latitude supports customer loan and credit programs for several large retailers. Buckland reiterates that the data processed for loans and credits are susceptible, and it is “precisely the information an attacker needs to take out a loan in your name.”
At the same time, intellectual property service provider IPH detected unauthorised access to its document management systems in its head office and two member firms, Spruson & Ferguson and Griffith Hack.
In an official statement, IPH reported that “it is working with external cybersecurity advisers to conduct a forensic investigation and that it has notified the Australian Cyber Security Centre (ACSC) of the incident.” The attack severely affected the company’s shares, tumbling 12 per cent to $7.36, marking the most significant drop in the past three years.
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