The regulator released a statement announcing the move on Tuesday, saying its decision was reflected"weaknesses identified in Medibank's information security environment."
Financial regulator APRA said Medibank still had"further work to do" to beef up its cybersecurity and data management after the breach last October saw up to 9.7 million Australians lose their personal medical details. Picture: NCA NewsWire/Christian Gilles "In taking this action, APRA seeks to ensure that Medibank expedites its remediation program," she said.
Medibank is already facing several class actions over last October's cyberattack which saw about 9.7 million Australians have their personal medical information compromised, and in some cases posted online. Responding to the penalty, Medibank CEO David Koczkar said the company remained"strong" and is was continuing to work on improving outcomes for customers in the aftermath of the hack. Picture: NCA NewsWire/Nicki Connolly"We continue to support our customers through the Medibank Cyber Response Support Program, which includes mental health and wellbeing support, identity protection and financial hardship measures.
The health insurer believes the penalty is unlikely to affect its day to day operations, although new regulations for the industry set to come into force on July 1 will increase its need for capital further.
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