Medibank (ASX:MPL) detects cyber incident; shares on trading halt

Highlights

• Medibank has detected a cyberattack on its network.

• Medibank has hired specialised cyber security firms to mitigate the situation.

• Meanwhile, the shares of the company have entered a trading halt.

Medibank Private Ltd (ASX:MPL) on Thursday said that it has detected unusual activity on its network. As per the latest ASX release, the Australian private health insurer has hired specialised cyber security companies and moved quickly to mitigate the situation in reaction to this occurrence.

However, Medibank also said that there was currently no proof that any private information, including customer data, has been accessed or compromised.

Meanwhile, Medibank’s shares have entered a trading halt pending the announcement of the cyber incident. The company also said that the securities would remain closed for trading as it investigates the incident.

Actions taken by Medibank

• Medibank said that it will isolate and block access to a few customer-facing systems to eliminate any kind of possibility of system damage or data loss.
• The company has taken its international student policy management systems offline. These systems are likely to be offline for most of the day.
• Medibank has advised that some of its clients may experience inconveniences because of this cyberattack. The company has ensured to make customer service representatives available via phone for international students and customers. However, both parties won’t have access to information of policies at the time.
• Medibank is also setting up a page on its official website to provide the most recent information regarding the incident.

The company said that its top priorities currently were to maintain the security of customers, stakeholder information, and employees while ensuring the uninterrupted provision of Medibank services. As the company works through this incident, Medibank’s clients can still access their health providers and all other services of the company.

What did Medibank’s management say?

Commenting on the development, David Koczkar, CEO, Medibank Group, said:

About Medibank Group

Medibank Group is an Australia-based private health insurer that provides health insurance using its brands, Medibank and ahm. Medibank was founded in 1976 and is headquartered in Docklands, Australia.