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30 December 2022 by IdeaSpies
As well as fines, Medibank’s high command could suffer repercussions, both in terms of pay and job loss, if reports find the insurer’s cyber defences to be wanting for the most damaging hack attack in Australia.
An even bigger issue is the potential for any adverse findings from the OAIC (Office of the Australian Information Commissioner) and KPMG reports opening the door for policyholders to seek compensation for economic loss and distress suffered as a result of the breach.
Furthermore, research by Glenn Withers, an economics professor at ANU, estimates a 5 to 15 per cent loss of stockmarket valuation in the first one to two years after a major cybersecurity event.