The Medibank Private Ltd (ASX: MPL) share price has been put on ice on Wednesday as the company prepares to update the market on its recent “cyber incident”.
The S&P/ASX 200 Index (ASX: XJO) health insurer revealed it had taken some of its systems offline after noticing unusual activity on its network last week.
The Medibank share price lifted 0.14% to trade at $3.505 before being halted at around midday today. The ASX 200 is currently up 0.37% at 6,804 points.
Letâs take a closer look at what might be going on with Medibank on Wednesday.
Medibank share price put in the freezer
The Medibank share price is back in the freezer today as the company prepares to release more details on last weekâs cyber incident.
The stock exited a trading halt earlier this week with news the company hadnât found evidence that customer data had been impacted by the apparent breach.
But that might not be where the story ends. Medibank CEO David Koczkar commented on Monday, saying:
We take the protection of our customersâ data very seriously … We will provide updates is the situation changes.
No doubt Medibank customers will be on the edge of their seats as they await the latest on the event.
The company began an investigation into the incident, which it said was consistent with the precursor to a ransomware event.
Medibank also engaged the Australian Cyber Security Centre to keep it updated and receive information to assist with resolving the incident. Medibank previously said:
As a health company providing health insurance and health services, Medibank holds a range of necessary personal information of customers.
News of the breach came just weeks after a cyberattack on Optus saw hackers make off with the personal data of nearly 10 million Australians.
The Medibank share price will return to trade on the update’s release or on Fridayâs open, whichever is soonest.
The post Medibank share price halted ahead of new âcyber incidentâ update 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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