Medibank hit with $250M capital adequacy increase
Regulator's response to one of Australia’s worst ever cyber attacks
Source: insurancebusinessmag.com
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Medibank directed to allocate $167 mn following data breach
Australia’s insurance provider Medibank has been instructed by the regulator to allocate $167 million in capital reserves after data breach
Source: infotechlead.com
Australia regulator tells Medibank to set aside $167 million after data breach
SYDNEY (Reuters) -Australia's banking regulator told insurer Medibank on Tuesday it would have to set aside A$250 million ($167 million) in extra capital, citing weaknesses identified in its information security after a network intrusion. The Australian Prudential and Regulation Authority (APRA) said the capital adjustment will be effective from July 1 and remain in place until an agreed remediation programme is completed by Medibank to the regulator's satisfaction. "In taking this action, APRA seeks to ensure that Medibank expedites its remediation programme," member Suz...
Source: yahoo.com
iTWire - APRA takes action against Medibank over October ransomware attack
Medibank Private will face an increase of $250 million in its capital adequacy requirement from 1 July, with the Australian Prudential and Regulation...
Source: itwire.com
Medibank Private hit with $250 million penalty from regulator after hacking scandal, told to beef up cybersecurity
Medibank Private has been hit with a $250 million penalty by financial regulator APRA after a hacking scandal saw millions of Australians have their personal medical information posted online.
Source: skynews.com.au