Latitude Group's costs and volumes may be impacted after cyberattack, says Citi

Latitude group

22/03/2023 19:50

** Possibility of higher costs and impact to volumes remains
for fintech firm Latitude Group  LFS.AX  after cyberattack -
brokerage Citi
    ** Shares of LFS slumped to an all-time low on Wednesday
after company unearthed further evidence of large-scale
information theft affecting former and current customers across
Australia and New Zealand
    ** Last week, company said personal information of around
328,000 customers, including copies of drivers' licences, was
stolen after which it took its platforms offline on Monday
    ** Short-term costs for company may be one-off and mitigated
by insurance - Citi
    ** Citi says LFS could contain the impact from the incident
if the systems are restored and customers are compensated
    ** YTD Latitude shares down 14.2%, as of last close

 (Reporting by Ayushman Ojha in Bengaluru)
 ((ayushman.ojha@thomsonreuters.com))