The cyberattack on Australia’s largest health insurer Medibank is expected to cost the company up to $35 million (US$24 million).
Medibank CEO David Koczkar told the company’s annual general meeting on Nov. 16 that the hack presented an “incredible challenge” but was confident the Medibank team would pull through.
“Based on our current actions in response to the cybercrime event, we currently estimate $25 million to $35 million of pre-tax non-recurring costs will impact earnings in the first half of 2023,” he said.
“These non-recurring costs do not include further potential customer and other remediation, regulatory or litigation related costs.”
Hackers stole the personal information of 9.7 million former and current customers, including names, birth dates, addresses, email addresses, and phone numbers. The Australian Federal Police said the “loosely affiliated” cyber criminals were based in Russia….