👉 Background: Latitude Financial is the publicly listed financial services company that offers loans, credit cards and insurance products. Since late March, it has been revealed that it suffered a cyberattack which impacted more than 14m customers' details.

👉 What happened: But now, it's been revealed that this cyberattack doesn't just impact Latitude - it also impacts all the retailers who have partnered with Latitude: we’re talking Coles, Harvey Norman, JB Hi-Fi and Myer.

👉 What else: All of these companies have offered interest-free credit cards or loans, which were branded Coles or Harvey Norman.. But were effectively just Latitude products that have been white labelled.

What's the key learning?

💡White labeling is when a company uses a third-party's product, but throws their own label or brand on it, and markets the product as their own.

💡In banking, white labelling is particularly common because the financial service space has a whooooole lotta regulations. So rather than take on these obligations themselves, they prefer to leave that to the banks and lenders.

💡The risk is that companies like Coles and JB Hi Fi don’t have control over the whole end to end experience, especially the data.. And in this case, it’s come back to bite them on the backside.

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