Sable International, a prominent global financial and immigration services firm, has fallen victim to a serious cyber attack, leading the company to take immediate action by shutting down its server, website, and transactional portal. The attack, described as highly advanced, has compelled Sable International to halt its operations temporarily to manage the situation effectively. In accordance with South Africa’s Protection of Personal Information Act and regulations in the UK, the company has reported the breach to relevant regulatory and law enforcement authorities.
The breach has raised concerns as the firm’s robust data protection measures were unable to prevent the attack. Sable International, which serves expatriates and high-net-worth individuals, has initiated an extensive internal investigation to determine the scope of the incident. Initial findings indicate that a limited number of clients have had their personal data compromised. The company has already contacted these affected individuals and is working closely with them to mitigate the risks associated with the breach.
The attack highlights a troubling trend in South Africa, where the costs of recovering from data breaches are rising. According to IBM’s 2024 Cost of a Data Breach Report, the average cost of mitigating a data breach in South Africa has increased to R53.10 million, up from R49.45 million in 2023. The surge in reported security incidents underscores the growing challenge for organizations in protecting sensitive information amidst escalating cyber threats.
Sable International’s response includes proactive measures to secure client data and restore system integrity. The company has advised clients to be cautious of phishing emails that may be sent by the attackers and to report any such communications immediately. CEO Reg Bamford expressed his devastation over the attack and reassured clients that the company is fully committed to addressing the situation and protecting their information during this challenging time.
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