A judge has cautioned two law firms running competing shareholder class actions over last October’s cyber attack on Medibank that they must keep their focus on the best interests of clients and group members, saying lawyers can lose sight of that duty when arguing for their case.
Medibank is now facing five class actions over last October’s cyber attack that left exposed the personal data of 9.7 million customers, this one by shareholders of the private health insurer.
The Australian Prudential Regulation Authority has raised Medibank’s capital adequacy requirement by $250 million, following last year’s cyber attack against the private health insurer, which exposed the personal details of 10 million customers.
Private health insurer Medibank has been served with a second class action over a data breach exposing the personal details of 10 million customers.
Three class action law firms have joined forces to run a landmark data breach complaint against Medibank, seeking compensation for up to 9.7 million affected customers.
Medibank was formally notified Tuesday of a class action-style complaint brought on behalf of millions of customers in the wake of last month’s massive data breach.
Medibank is facing another class action investigation over a massive data breach that left the personal information of almost 10 million customers exposed, just days after criminals began publishing sensitive customer health data.
Legislation introduced in the wake of massive cyberattacks against Optus and Medibank that will increase penalties for serious privacy law violations to $50 million has sailed through the House just two weeks after being introduced.
Medibank will not pay a ransom to a criminal who stole the data of 9.7 million customers, saying it would encourage extortion.
Medibank’s woes worsened Wednesday as the insurer revealed data for all 4 million of its current and former customers had been accessed during a cyberattack after initially reporting no customer data had been exposed.