Medibank incurred $7.5 million in direct tech costs after cyber attack

Medibank has revealed a breakdown of its $46.4 million data breach expense amount incurred after a high-profile cyber incident last year.

In the health insurer’s 2023 annual report [pdf], released today, it said that the $46.4 million expenses from the breach comprised $22 million of administration expenses, $15.6 million in employee benefits expenses, $7.5 million in extra technology expenses, and $1.2 million in marketing expense.

The coming year is anticipated to bring another $30 million and $35 million in costs.