Medibank Reports Details of 2022 Security Breach, Including Attack Vector and Cost (too little too late)

Medibank has suffered a financial blow of up to $45 million as a result of a security breach in October.

The attack saw an intruder gain access to the insurer’s systems using a misconfigured firewall, bypassing the need for a digital security certificate. In response, Medibank has implemented additional security measures, including increased internal and third-party monitoring, and re-examining data management in light of potential changes to the Privacy Act.

The attack has also resulted in the loss of 13,000 subscribers, though customer acquisition is beginning to recover. CEO David Koczkar said, “We will continue to strengthen our security environment.”