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The effect on Latitude in H1 2023 on credit losses and Net Profit (NPAT) between $5m to $10m. A further $46m for remediation costs, that does not include regulatory fines, class actions law suites, system enhancements or insurance costs. Releasing the enclosed to the Australia Securities Exchange (ASX), the company is setting expectations that it will post a Statutory loss of between $95m and $100m for 1H23.
The attack demonstrates the financial effects of a cyber, and will continue to be felt by the bank for the foreseeable future. It has been a demonstration of the effect of cyber attacks on Australia companies, that has driven closer scrutiny of cyber attacks by Australian regulators.
Ted Dziekanowski Stephen Pitt-Walker, JD, FGIA
#cybersecurity #cyberriskmanagement #cyberattacks
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