Master keys stored as ‘clear text’ on an internal system, at South Africa’s Post Bank were compromised in 2018.

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Master keys stored as ‘clear text’ on an internal system, at South Africa’s Post Bank were compromised in 2018. The resulting fraudulent transactions cost the bank $3.35Mn remediation cost replacing the cards for the 8-10Million affected customers was $58.7Mn. An expensive breach.

There are no figures for the cost of remediating the attack or regulatory costs such as those associated with a PCI – DSS failure or the costs for subsequent improvements in their cyber posture.

The breach has highlighted tensions in South Africa, which have followed the awarding the contract to services grants to Post Bank and its ability to manage payments. (https://lnkd.in/e6ZB5dJ)

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