The Australian Prudential Regulation Authority has raised Medibank’s capital adequacy requirement by $250 million, following last year’s cyber attack against the private health insurer, which exposed the personal details of 10 million customers.
Private health insurer Medibank has been served with a second class action over a data breach exposing the personal details of 10 million customers.
Three class action law firms have joined forces to run a landmark data breach complaint against Medibank, seeking compensation for up to 9.7 million affected customers.
Medibank was formally notified Tuesday of a class action-style complaint brought on behalf of millions of customers in the wake of last month’s massive data breach.
Medibank is facing another class action investigation over a massive data breach that left the personal information of almost 10 million customers exposed, just days after criminals began publishing sensitive customer health data.
Legislation introduced in the wake of massive cyberattacks against Optus and Medibank that will increase penalties for serious privacy law violations to $50 million has sailed through the House just two weeks after being introduced.
Medibank will not pay a ransom to a criminal who stole the data of 9.7 million customers, saying it would encourage extortion.
Medibank’s woes worsened Wednesday as the insurer revealed data for all 4 million of its current and former customers had been accessed during a cyberattack after initially reporting no customer data had been exposed.
The fallout from a cyberattack against Medibank continues, with the health insurer revealing sensitive claims data was accessed for customers of its main Medibank branch.
Companies will face penalties of up to $50 million for serious privacy law breaches under legislation to be introduced the Attorney-General following data breaches by Optus, Medibank and Woolworths unit MyDeal.