APRA pressures Medibank on cyber enhancements post-breach

The Australian Prudential and Regulation Authority (APRA) will require Medibank Private to hold 250 million Australian dollars (U.S. $166 million) in extra capital until the insurer remediates identified cybersecurity weaknesses after a significant data breach.

The action by APRA, announced Tuesday, follows a cyber incident last year in which 9.7 million past and present Medibank customers had their data stolen by a hacker. The data exposed included first and last names, addresses, dates of birth, Medicare numbers, policy numbers, phone numbers, and some claims data.

The incident was one of the most significant data breaches ever experienced in Australia, said APRA, the country’s prudential regulator of the financial services industry.