Medibank Hack Could Cost A$700 Million in Compensation, Fixes


The data breach at Medibank Private Ltd. could cost the Australian health insurer A$700 million ($450 million) if customers decide to sue for damages after personal medical details were posted to a forum on the dark web.
“The award of customer damages is the key variable in the ultimate cost of Medibank’s data breach,” BI analyst Matt Ingram wrote in a note Thursday. The compensation bill could run as high as A$960 million if 10% of affected customers join a mooted class-action lawsuit and are paid the maximum of A$20,000 in damages, but BI’s base case is A$480 million, he said.

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