Brief
MIP Holdings CEO urges South Africa to outlaw ransomware payments
Richard Firth says outlawing ransomware payments would deter cyber‑crime, linking the issue to pending crypto‑regulation reforms.
By Felo News Desk · Published
Richard Firth, chief executive of MIP Holdings, told TechCentral on Tuesday that South Africa should ban payments to ransomware gangs. He said the move would act as a powerful deterrent after his company paid a substantial ransom to the cyber‑crime group The Gentlemena, which stole data from about 45 insurers earlier this year.
Firth explained that the attackers accessed a third‑party Jira ticket‑management tool rather than MIP’s core platforms. The gang threatened to destroy the data if the ransom was not paid, but the data was later released when other insurers were attacked. Hollard, which refused a separate ransom demand, saw client data appear on the dark web and linked the leak to the MIP breach.
He linked the problem to cryptocurrency, noting that South Africa’s draft crypto‑asset manual – published by the National Treasury and the Reserve Bank in August – would bar cross‑border crypto transactions, effectively closing the payment “catalyst”. Firth said his firm performed anti‑money‑laundering checks on the ransom accounts, which passed, highlighting a regulatory gap.
Key facts
- MIP Holdings paid a ransom to The Gentlemena after a breach affecting data of about 45 insurers. (techcentral.co.za)
- The attackers accessed a third‑party Jira ticket‑management tool, not MIP’s core systems. (techcentral.co.za)
- Hollard refused a ransom demand but later saw client data published on the dark web, linking it to the MIP incident. (techcentral.co.za)
- South Africa’s draft crypto‑asset manual would bar cross‑border crypto transactions, which Firth says could stop ransomware payments. (techcentral.co.za)
Sources
- [1] techcentral.co.za — originally reported as “Should South Africa ban ransomware payments?”
