YouTube player

Even though the hackers have moved on, the cost of the data breach is still accumulating for Medibank as they are set to shut down their IT systems, retail stores and customer contact centres this weekend to overhaul their online security. This will result in millions of customers being unable to access the health insurance website, apps or services; and they would not be able to make any health claims. The cost of the data breach also includes these secondary losses as companies recovery their systems and address any gaps in security. There’s also the reputation damage as victims would be more likely to switch provides and potential regulatory fines as the Australian privacy watchdog are still investigating the incident.

This segment was created for the It’s 5:05 podcast