Financial services company Latitude Financial has announced pre-tax costs and provisions following its cyber incident earlier this year, which resulted in a statutory loss after tax of $98.2 million for the first half of 2023.
The company faced an actual cyber-related post-tax cost of $53 million as anticipated in its initial guidance.
CEO Bob Belan noted that the cyber attack significantly impacted their operations for around six weeks, causing disruptions to new originations, receivables, pricing actions, and collections activities.
Despite these challenges, Latitude’s team worked to restore systems and rebuild business momentum, with operations returning to pre-incident levels by the end of June.
The company plans to focus on enhancing growth and profitability moving forward, with efforts including system security enhancements, optimizing the operating model, seeking new retail partners, and investing in core capabilities and customer experience.
Latitude also reported progress in integrating its 2021 acquisition of Symple, which is contributing to their technology platform for personal and auto loans.