Considering buying the dip in Medibank shares? Here’s the latest on the company’s data hack woes

It’s been nearly a month since the Medibank Private Ltd (ASX: MPL) share price was first dinted by what initially appeared to be a ‘cyber incident’ and soon became an all-out attack.

The market and, assumably, most Australians are now aware of the hackers that took off with the personal, and often health-related, data of nearly 10 million Medibank customers.

Mostly as a result, the Medibank share price is nearly 18% lower than it was this time last month. It’s currently trading down 1.58% at $2.80. For comparison, the S&P/ASX 200 Index (ASX: XJO) has gained around 6% in that time.

And the damage could be set to continue. A leading Australian law firm is investigating a potential class action against the company, and the hackers have continued publishing stolen data.

Let’s take a look at the latest woes potentially facing the health insurer.

The latest on the Medibank data hack

Interested in buying the dip in the Medibank share price? It seems there could be more bad news coming the health insurer’s way.

Firstly, the hackers – believed to be in Russia, according to the Australian Federal Police (AFP) – reportedly posted data related to Medibank customers’ mental health treatments on the dark web overnight. It’s the latest in a string of releases that started last Wednesday.

Data related to hundreds of claims was included in the latest drop, the Guardian reports. Though, it might be the last such headline for a number of days now.

The hackers have reportedly promised to hold off more drops until Friday in hopes “something meaningful” happens at the company’s annual general meeting (AGM). The meeting will be held on Wednesday.

Meanwhile, Maurice Blackburn is investigating a potential class action against the company.

Fellow firms Bannister Law Class Actions and Centennial Lawyers were previously reported to be considering legal action against the company.

Medibank share price snapshot

The Medibank share price’s recent tumble has placed it well and truly in the red year-to-date.

The stock has fallen 18% since the start of 2022. It’s also 19% lower than it was this time last year.

For comparison, the ASX 200 has fallen 6% year to date and 4% over the last 12 months.

The post Considering buying the dip in Medibank shares? Here’s the latest on the company’s data hack woes appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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