Medibank Private will be required to hold an additional $250 million capital buffer as a consequence of itsThe Australian Prudential and Regulation Authority also flagged there should be repercussions to executive pay at the health insurer after it identified weaknesses in Medibank’s information security settings.
Smith said the October 2022 cyber incident, which resulted in the compromise of basic account details of“In taking this action, APRA seeks to ensure that Medibank expedites its remediation program,” she said.The extra capital requirement will take effect from July 1, and will remain in place until the insurer completes a remediation program to APRA’s satisfaction.
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