Investors that own Medibank Private Limited (ASX: MPL) shares need to know about the company’s latest cybercrime update.
Medibank is currently going through a difficult situation – it has been subject to a cyber attack.
Latest Medibank cybercrime development
The situation is under investigation by the Australian Federal Police, but it has now “become clear” that the criminal has taken data that includes Medibank customer data, not just ahm and international student customer data.
It has received more files from the criminal:
- A copy of the file received last week containing 100 ahm policy records, including personal and health claims data
- A file of a further 1,000 ahm policy records, including personal and health claims data
- Files which contain some Medibank and additional ahm and international student customer data
Medibank said it was too soon to determine the “full extent” of the customer data that has been stolen. It’s going to continue to analyse what has been received to understand the total number of customers impacted and what information has been stolen.
It’s expecting the number of affected customers “to grow” as this situation unfolds.
What the company is doing
It’s assisting the AFP with its investigation.
The business has also announced it will provide 24/7 mental health and wellbeing support, it will provide support for customers who are in a uniquely vulnerable position, and give access to specialist identity protection advice with IDCARE for all customers.
Medibank has also decided to defer premium increases for Medibank and ahm customers until 16 January 2023.
It is also contacting current and former customers to recommend steps they should take, while also telling customers about data that Medibank knows has been “compromised”.
Management comments
The Medibank CEO David Koczkar said:
I unreservedly apologise to our customers who have been the victims of this serious crime.
As we continue to uncover the breadth and gravity of this crime, we recognise that these developments will be distressing for our customers, our people and the community – as it is to me.
This is a malicious attack that has been committed by criminals with a view of causing maximum fear and damage, especially to the most vulnerable members of our community.
We continue to work closely with the agencies of the Federal Government, including the ongoing criminal
investigation into this matter. We thank them for their ongoing support and assistance.
Final thoughts on the situation and Medibank shares
I’m no cyber crime expert, but obviously this is a terrible situation. While it’s hard to say what the result will be, I think it won’t be a good thing for Medibank’s profit or share price. It’ll be interesting to see what its competitors do from here.
Its shares are currently in a trading halt. I’m not sure what I’d do if I were a shareholder but it’s hard to say how this will affect customer loyalty going forwards.
