Ransomware attack likely to cost Medibank over $640 million

According to Bloomberg Intelligence analysts, Australian health insurer Medibank Private Ltd. could face an estimated $960 million Australian ($640.5 million) in potential costs related to a recent ransomware attack on its system that compromised the data of 10 million customers, The Sydney Morning Herald reported. The estimates include litigation expenses from potential class-action lawsuits and costs of recovering from the cyber attack.