SYDNEY: Australia's banking regulator told insurer Medibank on Tuesday (Jun 27) it would have to set aside A$250 million (US$167 million) in extra capital, citing weaknesses identified in its information security after a network intrusion. The Australian Prudential and Regulation Authority (APRA) said the
SYDNEY: Australia's banking regulator told insurer Medibank on Tuesday it would have to set aside A$250 million in extra capital, citing weaknesses identified in its information security after a network intrusion.
"In taking this action, APRA seeks to ensure that Medibank expedites its remediation programme," member Suzanne Smith said. Medibank last year disclosed that a hacker stole the personal information of 9.7 million current and former customers and released the data on the dark web in one of Australia's biggest data breaches.
Although Medibank has already addressed the specific control weaknesses that permitted unauthorised access to its systems, it still has more work to do across a number of areas to boost its security environment and data management, APRA said.
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