Health insurance giant Medibank has declared it expects a $45 million hit related to the cyberattack that saw personal details from some ten million Australians stolen.
“At this stage we do not expect a material increase to recurring IT costs resulting from the cybercrime”, the report reads.
This outlook is included in a presentation to investors at today’s Macquarie conference.
The company will also tout a potential doubling of non-resident gross profit in FY23. Policy holder growth rose a modest 0.02 per cent at the end of March compared to the prior year.
The non-recurring cyber crime costs are expected to be “at the top end of the $40 – $45 million range”, according to Medibank, but this doesn’t account for the slew of class action suits and further legal and regulatory fallout that will come down the pipeline over the next few years.
