As announced by ARN this week, almost 4 million customer records were leaked online this week by the hacker who stole the data and subsequently demanded payment in order to not release them. Medibank, a private health insurance company did not have cyber insurance.

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As ARN reports:

“Medibank has confirmed it has no cyber insurance following a breach that has seen cyber criminals access all of its 3.9 million customers’ personal data. The lack of cyber insurance means that the incident could cost between $25 to $35 million, excluding costs accrued in remediation or legal fees.”

The report goes on to say:

“Speaking to shareholders and customers, Medibank said that the cyber thieves now have access to all its own customers’ personal data and significant amounts of health-claims data, along with that of its ahm and international students’ units.”.

Continue reading at the source.