Insurer Liberty Faces Scrutiny from South Africa Regulator over Cyber Attack

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Insurer Liberty Holdings faced questions from South Africa’s Information Regulator on Monday, one day after the company became a victim of a cyber attack.

The regulator said he was worried about the data breach and wanted to see the insurer to get more details.

In a statement he made on Sunday, Liberty shares fell by 5 percent on Monday after the company’s claims claiming data from the company and demanding payment.

Liberty said there were no concessions to hackers and no evidence of customers suffering any financial losses.

On Monday, IT specialists and security personnel said they work every hour of the day to ensure the protection of customers and details.

The regulator wrote to Liberty’s Chief Executive Officer David Munro that he requested information about data breaches and security measures taken by the company.

“The Information Regulator has been interested in various media reports on a major data breach in Liberty Holdings,” said regulator chairman Pansy Tlakula.

Shares in Liberty have suffered losses of 4.03%, down 119%, the worst day-to-day decline since 4 April.

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Traders said the market did not panic on the attack.

Cratos Capital’s Greg Davies said, “The management went out of the story and made it very clear.”

“Now what they have to do is secure the market they have spent enough for their defenses and it will not be a tear.”

Standard Bank, the largest shareholder with Liberty’s 53 percent share, said it responded by e-mail to responses to questions that Liberty supports measures taken.

However, neighboring Namibia, Marieta le Roux, a Liberty Life customer since 2011, told Reuters that he was not informed about data breaches.

“I think they have a lot of secret knowledge about myself,” he said.

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