Standard Bank-owned Liberty was hit by a data breach, but customers have been informed that their policies and investments remain secure. <\/p>\n\n\n\n
Yuresh Maharaj, CEO of Insurance and Asset Management at Standard Bank, said that Liberty saw unauthorised third-party access to select data systems.<\/p>\n\n\n\n
Maharaj said that its services remain unaffected, fully operational and available to all clients, advisers and employees. Liberty launched a full investigation into the incident, with expert support. <\/p>\n\n\n\n
“We operate within a robust regulatory framework and fully comply with all applicable obligations,” the CEO noted. <\/p>\n\n\n\n
Liberty sent notifications to all affected clients via SMS, stating that it regrets any concern caused.<\/p>\n\n\n\n
“Liberty recently detected unauthorised access to your personal information. Your policies and investments remain secure, and our services are running normally,” it said in a note to clients.<\/p>\n\n\n\n
Standard Bank, which is South Africa’s largest bank by assets under management, took full control of Liberty four years ago. <\/p>\n\n\n\n
The bank previously held a 53.6% stake in Liberty before launching a bid to acquire the remaining shares, which went through in 2022.<\/p>\n\n\n\n
Acquiring full control of Liberty was aimed at fully integrating the bank’s insurance and asset management divisions, which would create a more efficient entity. <\/p>\n\n\n\n
Unfortunately, Liberty’s latest data breach joins a growing list of technological problems that have hit the Big Four bank. <\/p>\n\n\n\n
In 2022, the bank experienced severe IT system outages across its operations for 2 months. This led to the resignation of its then chief engineering officer, Alpheus Mangale, with immediate effect. <\/p>\n\n\n\n
The bank’s IT struggles also occurred late last year, when an outage hit where customers from accessing its online and mobile banking channels\u2019 full functionality. <\/p>\n\n\n\n
The challenges were due to an issue reported by software provider Sage, which identified an issue with the bank feeds it receives from Standard Bank in South Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"
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