Finance Minister Confirms Ransomware Attack on South Africa's Land Bank, R5.4 Million Ransom Refused

• Finance Minister Enoch Godongwana confirmed a ransomware attack on South Africa's Land Bank, demanding five Bitcoin ransom
• Land Bank took swift action to isolate the affected systems and enhance security controls following the breach
• According to the Minister, hackers demanded five Bitcoin, roughly R5.4 million, but the bank did not pay

Justin Williams, a journalist at Briefly News since 2024, covers South Africa’s current affairs. Before joining Briefly News, he served as a writer and chief editor at Right for Education Africa’s South African chapter.

Finance Minister Enoch Godongwana has confirmed that the Land and Agricultural Development Bank of South Africa was targeted in a ransomware attack on 12 January 2026.

Hackers demanded five Bitcoin

According to IOL, Godongwana revealed the breach in a parliamentary reply to uMkhonto weSizwe (MKP) MP Adil Nchabeleng, who asked about the nature of the attack, the systems affected, and whether a ransom had been demanded. According to the Minister, hackers demanded five Bitcoin, roughly R5.4 million, but the bank did not pay. He said critical banking systems and farmer data were not compromised. The Minister explained that the bank detected unauthorised activity in parts of its computer systems. Preliminary investigations indicated that a third party accessed the network through a vulnerability on an internet-facing server and deployed ransomware, which encrypted part of the server environment and multiple laptops.

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Godongwana said the ransomware affected servers in virtual environments running Microsoft operating systems and that the attackers were linked to a Ransomware-as-a-Service group. He added that the Land Bank immediately isolated affected systems, removed indicators of compromise, and strengthened security controls, including firewall hardening and patching vulnerabilities. The Minister noted that the bank's critical ERP, core banking, and customer relationship management systems were in a separate technical environment and were not accessed or compromised. The remainder of the servers and multiple laptops were either encrypted or rendered inaccessible. Godongwana confirmed that the bank had refused to pay the ransom and had taken measures to restore IT operations while preventing further unauthorised access.

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Standard Bank Group is facing growing criticism from customers and public commentators over an increasing number of fraud complaints linked to bank accounts and alleged security breaches. The backlash has intensified in recent months as reports of scams, compromised accounts and alleged internal vulnerabilities continue to surface. Many customers have taken to social media and consumer platforms to report incidents of fraud involving their accounts.

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The South African Police Service allegedly closed a Capitec Bank branch in Stanger on Tuesday,18 February 2026, after a family brought a dead body inside the premises during a dispute over a life insurance payout. It is alleged that the family had gone to the branch in the Stanger CBD, KZN, to claim funeral or life policy funds. Bank staff reportedly told them they needed proof of death to process the claim. The family later returned with the deceased's body and placed it inside the bank.

Minister announces key tax changes

Briefly News also reported that Finance Minister Enoch Godongwana announced an inflation-linked tax relief for personal income taxpayers in the 2026 National Budget.

The minister expects duties on tobacco and alcohol to rise in line with inflation.

Source: Briefly News