View source for Outrage As Medibank Bosses Awarded Huge Bonuses Despite Cyberattack

Medibank bosses will still take home bonuses worth $7.3 million despite a massive data breach that exposed the health records of almost 10 million Aussies, including Prime Minister Anthony Albanese. <br>The clean up bill in the aftermath of the data breach is expected to cost between $35m and $150m, but executives will still keep their bonuses. <br>Chairman Mike Wilkins says executive pay would not be reviewed until next year, following the completion of an external review into the attack.<br>'That's something that we will take on board for the 2023 year once we have got the full results of the investigation,' Mr Wilkins said.<br>CEO David Kockzar took home bonuses worth $1.1 million in the last financial year, with his total pay coming in at $2.59m.<br>         Medibank CEO David Kockzar (pictured) took home bonuses worth $1.1 million in the last financial year, with his total pay coming in at $2.59m<br>         Medibank remains steadfast in its refusal to pay a ransom to hackers who stole customer data, as the health insurer holds its annual general meeting<br>Executives on Wednesday stood by their call not to pay a ransom to Russian hackers who stole millions of customers' personal data.<br><br>But shareholders Mr Wilkins Wilkins why the health insurer hadn't taken cyber security 'as seriously as you should have' at the insurance giant's annual general meeting.<br>Mr Wilkins said: 'Medibank aims to reward executives fairly for delivering the company's strategy in a manner that meets community and customer expectations and delivers sustainable shareholder returns'.<br>   RELATED ARTICLES              <br><br><br><br>Share this article<br>Share<br><br><br>The meeting comes a month after hackers stole personal information of the insurer's 9.7 million current and former customers.<br>The company confirmed to investors the up-front cost for the first half of the financial year would be $25m to $35m before factoring in legal and other expenses.<br>One 'rather disappointed' shareholder asked if IT security would form part of the company's recently-announced external review, also wondering if the executive responsible would have their pay cut.<br>Mr Wilkins said executive remuneration would be taken care of at the end of the next financial year, but said pay would be linked to performance.<br>'The board is very well aware of the alignment between remuneration and outcomes,' he said.<br>          Medibank chair Mike Wilkins has faced cyber security questions at the company's AGM after the insurance giant was hacked with the private data of Australians exposed<br>A representative of the Australian Shareholders Association asked when specific accountability would be taken for the breach, but Mr Wilkins said that would come after the review was complete.<br>The company has starting contacting about 480,000 customers it believes had their health data stolen.<br>'Safeguarding our customers' data is a responsibility we take very seriously and we will continue to support all people who have been impacted by this crime,' Mr Wilkins said in his opening address.<br>'There is no doubt that this crime is having an enormous impact on our customers and our community.<br><br>This is a shocking crime, the size and scale of which we have never seen before.'<br>But Mr Wilkins said paying a $US9.7m ransom was never an option and would have supercharged the hacking industry.<br>'There was a limited chance paying a ransom would ensure the return of our customers' data and prevent it from being published,' he said.<br>'The advice we have had is that to pay a ransom could have had the opposite effect and  [https://www.cruisewhat.com/tocaya-organica-nutritional-information/ www.cruisewhat.com] encouraged the criminal to directly extort our customers.'<br>The hackers had indicated they'd watch the meeting before firing off another tranche of stolen data.<br>'We'll announce that next portion of data we'll publish at (sic) Friday, bypassing this week completely in a hope something meaningful happened on Wednesday,' the hackers wrote in an update.<br>Mr Koczkar said the company had started the 'incredibly complex' process of contacting half a million customers whose sensitive data had been taken.<br>'This ongoing work continues and requires our people to analyse millions of records across numerous applications and match customer data from multiple sources,' he said.<br>A 100 officer-strong cybercrime operation targeting the hackers will be led by the Australian Federal Police and Australian Signals Directorate.<br>Data including names, phone numbers, Medicare numbers and sensitive health information was taken by the hackers during the breach.<br><br><br>adverts.addToArray({"pos":"inread_player"})Advertisement