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Momentum hit by cyberattack

In a statement to shareholders, the financial services group said a ‘third party unlawfully accessed a limited portion of data of a subsidiary of the group’.
Image: Moneyweb

Momentum Metropolitan Holdings said on Monday that it has become the victim of a cyberattack, with criminals able to access sensitive data on its systems.

In a statement to shareholders, the financial services group said a “third party unlawfully accessed a limited portion of data of a subsidiary of the group”. It didn’t say which subsidiary was affected.

“The group became aware of a data breach on its network on Thursday, 13 August 2020 and immediately activated its IT security incident plan, which included the implementation of additional systems monitoring and the reinforcement of its IT security,” it said.

“The group’s IT teams have been working non-stop to ensure that service to clients remains unaffected.”

The incident comes two years after rival insurance group Liberty was hit by hackers demanding a ransomware payment running into millions of rand.

Momentum said it is working with “cyber-forensic partners” to determine the nature and extent of the breach on its systems.

“Based on the investigation to date, the group confirms that information accessed does not contain any client or member data. Information accessed contains administrative and financial data that is not expected to prejudice any stakeholders of the group. The group has alerted the authorities and investigations are ongoing,” it said.  — © 2020 NewsCentral Media

Duncan McLeod is Editor of TechCentral.
This article was first published on TechCentral, here.

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