Medibank Private’s management will be bracing for a brisk start to the new year, once the two reports examining whether they should cop the blame for the most damaging hack attack in Australia are handed down.
Health insurer and notable data breach victim Medibank Private’s management will be bracing for a brisk start to the new year, once the two reports examining whether they should cop the blame for the mostRegulators and proxy advisers have already made it clear that Medibank’s high command should suffer repercussions, both in terms of pay and job loss, if the reports find the insurer’s cyber defences to be wanting.
“If the investigation finds serious and/or repeated interferences with privacy in contravention of Australian privacy law, then the commissioner has the power to seek civil penalties through the Federal Court of up to $2.2 million for each contravention,” it added.
‘We believe that our processes were robust, although clearly not robust enough in this circumstance.’Bloomberg Intelligence estimates that a compensation claim could easily reach $700 million. “We believe that our processes were robust, although clearly not robust enough in this circumstance,” Wilkins told investors.
“What seems to have been the case at Medibank is they got everything because there was somebody in the organisation who had the administrative authority to get everything.”The financial impact appears to be reflected in the private health insurer’s share price – with Medibank’s market valuation shedding nearly $2 billion since the incident became public. And investors shouldn’t expect a quick recovery either.
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