FERESHTEHAZADI PARAND - Department of Statistics, Mathematics, and Computer Science, Allameh Tabataba&#۰۳۹;i University, Tehran, Iran
Sara Tavakoligolpaygani - Faculty of Science and Engineering, Macquarie University, Sydney, Australia

One of the most effective methods in the field of cyber-security is the study of attacks and their causes. This paper examines the cyber-attack on Latitude Financial in March ۲۰۲۳, which exposed critical vulnerabilities within Australia's digital infrastructure and compromised the personal data of millions. It investigates the attack's methodology, uncovering insider involvement and misconfigured security settings as key enablers. The study highlights the significance of unpatched software and weak passwords in exacerbating system vulnerabilities, emphasizing the imperative for robust cyber-security measures.The breach's impact on customers underscores privacy and trust concerns, necessitating stricter regulations and improved security protocols. The analysis of attack methods underscores the evolving cyber threat landscape, urging proactive defence strategies. Moreover, the breach highlights the importance of comprehensive cyber-security measures, including employee training and stringent access controls.The paper advocates for regulatory reforms to enforce data security standards and ensure accountability among organizations and service providers. It explores the potential of cyber insurance in mitigating post-attack burdens, emphasizing the need for policy enhancements and addressing coverage gaps.Ultimately, the Latitude Financial breach underscores the urgency for comprehensive reforms in data security practices and regulatory frameworks. By prioritizing consumer data protection, companies and regulatory bodies can mitigate risks and uphold trust in an increasingly digitized world.

Data Breaches, cyberattack, Cyber insurance, Security