Medibank initially warned that only 'some' data had been exposed... but now it revealed this cyber attack was a whoooole lot bigger.
👉 Background: Medibank is Australia’s biggest health insurer, with a market value of around $9.65bn. Last week, Medibank warned that some data had been exposed - but don't worry, it was only the data of international students and ahm customers. 🙄
👉 What happened: But yesterday, Medibank revealed this cyber attack was actually a whoooole lot bigger. The recent data hack of its network exposed the data of all 3.9 million of its customers.
👉 What else: But it gets worse because Medibank hadn't taken out cyber insurance - meaning its investors will have to foot the bill for the cyber attack. And this is becoming a real costly exercise.
💡Not only does a data hack impact a company’s customers, it has major financial ramifications for the company too. There is the cost of addressing the hack - from tech, cybersecurity, comms and PR.
💡Here are the costs so far:
💡And these are just the upfront costs - so it will be interesting to whether Medibank takes a permanent hit to its reputation after the breach.
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