Business 18.6.2018 02:51 pm

Liberty share price tumbles 4% after data breach scandal

Liberty says it was at an advanced stage of investigating the extent of the data breach.

Financial services Liberty Holdings’ share price fell nearly five percent on Monday midday as the insurer still battled to douse the fire caused by a data breach in its IT systems.

Liberty said on Sunday that it become aware of the attack when an external party alerted the firm that it had seized data from the insurer and threatened to release it if it was not compensated for the hack, adding there was no evidence that any of its customers have suffered any financial losses.

Even though Liberty’s share price on Monday morning opened at a high of R126.69 a share, by lunchtime the share price had declined by 4.3 percent to R119 a share. The share price of the R35 billion by market capitalisation firm had closed at R124 a share on Friday.

“We are conscious that there has been an understandable level of interest and concern after we announced on Saturday that Liberty has been the victim of a criminal act,” Liberty said in a statement.

“Our team of dedicated IT specialists and security personnel [has] devoted all their efforts around the clock to ensure that we live up to the duty of care, to protect yours and our customer information.

Liberty said that it was at an advanced stage of investigating the extent of the data breach, which at this stage seems to be largely emails and attachments.

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