Medibank’s 2022 data breach cost the health insurer $46.4 million in the 2022-2023 financial year, and the total cost by next year could pass $80 million.
The company disclosed the rising costs in its 2022-2023 annual report released today [pdf].
The costs already incurred covered Medibank’s incident response and its customer support package.
“We expect $30 million to $35 million in 2024 for further IT security uplift, legal costs and other costs related to regulatory investigations and litigation,” Medibank said.
“This does not include the impacts of any potential findings or outcomes from regulatory investigations or litigation”.
The data breach, which emerged in October 2022, occurred when attackers obtained the credentials of a third-party contractor. That…
