What happened to Medibank (MPL) shares after the hack?
MPL -18.12%: the health insurer was hit hard after shares began trading again. The company said data of its 3.8m customers had been breached, with the hack likely including data of previous clients taking the total over 4m. The data was accessed after the login details of an employee were compromised, with data including names, addresses and Medicare numbers available through the access. Medibank said it would see one off costs associated with the breach of between $25-35m, but may increase if customer remediation is required as a result. In response, Medibank will defer premium rate increases until at least mid-January. The company said claims expense growth was tracking below expectations ahead of the attack, while customer growth was strong however guidance had been withdrawn given the uncertainty around the business backlash as a result of the news. The latest hack puts cybersecurity in the spotlight yet again.
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