DigitalCFO Newsroom | 26 October 2022
Personal and significant amounts of health claims data of all its customers was compromised in the breach.
Medibank Private Ltd, Australia’s biggest health insurer, warned of a A$25 million to A$35 million ($16 million to $22.3 million) hit to first-half earnings from costs related to a data breach that compromised data of all its customers.
It said on Wednesday that personal and significant amounts of health claims data of all its customers was compromised in the breach reported earlier this month, a day after it warned the number of customers affected would grow. Medibank, which covers one-sixth of Australians, said the estimated cost did not include further potential remediation or regulatory expenses.
The company reiterated that its IT systems had not been encrypted by ransomware to date and that it would continue to monitor for any further suspicious activity. Medibank, which also withdrew its fiscal 2023 policyholder growth forecast, reported an after-tax profit of about A$394 million for fiscal 2022 in August.