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Latitude Financial has announced that they have received a ransom demand from the criminals behind the cyber-attack. The company disclosed last month that they had suffered a data breach which exposed 14 million customer records. The breach had originated from a third-party service provider and was the latest in a series of major attacks on Australian companies, following hacks at Optus and Medibank last year. Latitude said that it will not pay the ransom and says that the decision is consistent with the position of the Australian Government. They believe that paying a ransom will be detrimental to their customers and cause harm to the broader community by encouraging further attacks. They have started contacting all customers whose information was compromised to outline the details of the stolen information, along with support and remediation plans. They have also said that, to the best of their knowledge, there have been no suspicious activity inside their systems since Thursday, 16 March 2023

This segment was created for the It’s 5:05 podcast