Cyberattack Saga to Cost Company $35 Million, Says Medibank CEO

People walk past a shop front for Medibank in Sydney, Australia, on Nov. 11, 2022. Muhammad Farooq/AFP via Getty Images

The cyberattack on Australia’s largest health insurer Medibank is expected to cost the company up to $35 million (US$24 million).

Medibank CEO David Koczkar told the company’s annual general meeting on Nov. 16 that the hack presented an “incredible challenge” but was confident the Medibank team would pull through.