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The 2022 data breach of Medibank is set to cost the health insurer $35 million in 2024. Australian health insurer Medibank suffered a data breach in October 2022. This was one of the largest data breaches in Australia and data from 9.7 million past and present customers were stolen. The information included email addresses, phone numbers, addresses, Medicare number, names, date of birth, passport number and visa details. Health claims data for 192,000 customers including private medical information were also stolen. In the company’s annual report that was just released, it disclosed that the data breach had cost them $46.4 million in the 2022-2023 financial year. And they forecast that the total cost by next year could pass $80 million. The cost already incurred covered the incident response cost and the customer support package. The company expect to spend another $30 million to $35 million in 2024 for further IT security uplift, legal costs and other costs related to regulatory investigations and litigation. This shows that a data breach can have long last financial consequences, even for years after the cyber incident.

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