Liberty Group revealed on the 16th of June that it had been hacked by ransomware attackers. The company based in South Africa sent out emails and messages to its clients that said it had been attacked on the 14th of June. The insurance company has confirmed that it did not pay the hackers any ransom.
CEO Liberty Group, David Munro, said that a team of specialists was looking in to the situation. At the moment, he revealed, the hack seemed to be nothing more than emails with attachments. The company is a subsidiary of Standard Bank, which was itself hit by financial fraud last year when millions of rands were withdrawn from ATMs in Japan. The total loss was estimated at R300 Million.
The statement issued by Munro confirms that no investments or financial policy documents have been compromised and there has been no great financial loss. Liberty is currently looking into ways to beef up its security.
What’s more is that it may be the first South African firm to face the wrath of the GDPR law from the European Union. This is because of the large number of European Stakeholders the company has. Liberty only found out about the hack when they received ransom calls from the hackers themselves. This means their security was far below sub par and that their client’s data was at a huge risk.