Medibank share price lifts despite hackers leaking data

The Medibank Private Ltd (ASX: MPL) share price is rising in early Wednesday trade after hackers published the data of hundreds of the insurer’s customers to the dark web overnight.

The data includes names, addresses, birth dates, contact information, Medicare numbers, and in some cases passport numbers and health claims data.

The company warned of such a possibility yesterday. CEO David Koczkar once again apologised and encouraged impacted Australians to “remain vigilant” on Tuesday.

The Medibank share price is trading at $2.805 right now, 0.9% higher than its previous close.

It has fallen 21% since the S&P/ASX 200 Index (ASX: XJO) health insurer first revealed the ‘cyber incident’ in mid-October.

Medibank share price rises as hackers publish data

The Medibank share price is gaining on Wednesday despite cybercriminals having published stolen customer data to the dark web after the company refused to pay a ransom.

Medibank previously said the data of nearly 10 million current and former customers had been accessed as part of last month’s attack.

The files released overnight appear to be a sample of the data the company previously confirmed was accessed by the criminal.

It expects the criminals to continue publishing customer information on the dark web.

The hackers are now working to fashion the data into a more understandable format than their initial ‘data dump’, according to various media reports.

They also appear to have published ransom-related discussions with Medibank representatives. The Australian Financial Review quoted them as having told the company yesterday:

Data will be published in 24 hours. PS I recommend sell medibank stocks.

The hackers are reportedly linked to Russian ransomware group, REvil. The group appears to be slowly leaking customers’ data, potentially in an attempt to continue extorting the company.

Medibank is still working with the Australian Government, including the Australian Cyber Security Centre, and the Australian Federal Police. Koczkar today said:

This is a criminal act designed to harm our customers and cause distress.

We take seriously our responsibility to safeguard our customers and we stand ready to support them.

The post Medibank share price lifts despite hackers leaking data 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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