INSURANCE INDUSTRY
Liberty share falls after data breach
The insurer is likely to escape a fine as SA’s information-protection laws are not yet operative
Liberty’s share tumbled 4% on Monday as the insurer divulged little new detail of a data breach unlikely to result in a fine, even if the company has fallen foul of information-protection laws. The breach is the latest blow for Liberty, whose earnings have gone backwards for the past two financial years. Liberty told customers at the weekend hackers had infiltrated e-mails and attachments and were demanding payment for the stolen data. Liberty had refused the "attempted extortion", it said. Liberty was in full control of its IT environment, CEO David Munro said on Sunday. "At this stage there is no evidence that any customers have suffered any financial losses," he said. Liberty, which could not quantify what the attack would cost it, declined to comment on whether it had cyber insurance. The Information Regulator could not fine Liberty were it found to have breached the Protection of Personal Information Act, said full-time member of the regulator, advocate Johannes Collen Weapond....
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