Liberty CEO David Munro reveals extent of data breach

Liberty, a leading financial services company, recently found itself at the center of a data breach incident, prompting concerns about the security of sensitive information belonging to its customers. The CEO of Liberty, David Munro, joined CNBC Africa to shed light on the situation and discuss the steps the company is taking in response to the breach. Munro emphasized that while the breach was indeed a significant event, Liberty is prioritizing the continuity of its business operations and focusing on reassuring customers and financial advisors. He acknowledged the gravity of the situation and emphasized the company's commitment to investigating the breach thoroughly and enhancing its security measures to prevent future incidents. The breach reportedly took place on Thursday evening, but it wasn't until a few days later that Liberty decided to notify customers about the incident. Munro explained that the delay in informing customers was due to the complex nature of the breach and the need to verify the extent of the threat. He underscored the importance of ensuring accurate information before alerting the public to avoid causing undue panic. Munro also highlighted that there is currently no evidence to suggest that customers will experience financial losses as a result of the breach. Addressing concerns about the financial impact of the breach, Munro stated that Liberty is currently focused on investigating the breach and safeguarding customer data. He assured that the company is dedicating significant resources to the investigation and bolstering its cybersecurity defenses to prevent future breaches. While the cost of enhancing security measures was not disclosed, Munro reiterated that Liberty's primary concern is the security and trust of its customers. When questioned about the parallels with a previous cyber incident involving Standard Bank, Munro emphasized that each case is unique and that Liberty is approaching the breach as a standalone event. He refrained from commenting on other companies' experiences and reiterated Liberty's commitment to addressing the breach as a criminal act requiring swift and comprehensive action. In conclusion, Munro expressed gratitude for the support and guidance received from industry peers, including Standard Bank, in navigating the aftermath of the breach. He affirmed Liberty's dedication to safeguarding customer data and restoring trust in the company's security measures. As Liberty continues its investigation and strengthens its defenses, the CEO reassured customers and stakeholders of the company's unwavering commitment to cybersecurity and data protection. Overall, the data breach incident at Liberty serves as a stark reminder of the constant threats posed by cybercriminals and the critical importance of robust cybersecurity protocols in safeguarding sensitive information. While the breach has undoubtedly raised concerns, Liberty's proactive response and commitment to transparency are key steps in mitigating the impact and ensuring the security of its customers' data.