Medibank hit by cyber attack

[SeatBackForward]

The conversations between Medibank and the hackers were leaked overnight...Medibank are not looking at all good in this whole saga. The hackers were crawling around for over a month getting data..

 

[MEL_Traveller]

The conversations between Medibank and the hackers were leaked overnight...Medibank are not looking at all good in this whole saga. The hackers were crawling around for over a month getting data..

I think Medibank would rather you say ‘criminals’ rather than hackers. And ‘victim’ rather than medibank?

No doubt they considered the last nomenclature but even they thought that was going too far.

 

[MARTINE]

The conversations between Medibank and the hackers were leaked overnight...Medibank are not looking at all good in this whole saga. The hackers were crawling around for over a month getting data..

I heard an IT expert who said - on average - hacker has spent 200days playing around in the system before detection or ransom/dark web dump
Still totally unimpressed w MBP response

 

[oz_mark]

Two months later.....my turn to get the email about what Medibank failed to protect.

 

[RooFlyer]

Two months later.....my turn to get the email about what Medibank failed to protect.

Yeah, I got mine just the other day.

 

[SeatBackForward]

And now to top if off, premium increase from January 2023. Why don't the execs who got millions in bonuses only last month sacrifice some of that?

I used to think CEO's got paid that amount for the "risks" they take operating the business, clearly this was a monumental stuff up, yet they still get a bonus?

 

[Cossie]

Same here, thinking of joining a class action, but I know nothing about these sorts of things. Anyone else going to add their names to one?
Can you join more than one class action?

 

[MARTINE]

Same here, thinking of joining a class action, but I know nothing about these sorts of things. Anyone else going to add their names to one?
Can you join more than one class action?

I joined Medibank Class Action Investigation

At this stage all they are doing is collecting names for interest. You do not have to add your case number so helpfully provided by Medibank (Not so)Private at this stage.

I did it to channel anger when I had anger +time.
Usually I have one or the other

 

[Cossie]

I joined Medibank Class Action Investigation

At this stage all they are doing is collecting names for interest. You do not have to add your case number so helpfully provided by Medibank (Not so)Private at this stage.

I did it to channel anger when I had anger +time.
Usually I have one or the other

Thanks, just added my name.

 

[JohnK]

Two months later.....my turn to get the email about what Medibank failed to protect.

Me too. Very poor.

 

[SydneySwan]

Me too. Very poor.

It is beyond poor.

 

[AIRwin]

It is beyond poor.

BP!

 

[JohnK]

And now to top if off, premium increase from January 2023. Why don't the execs who got millions in bonuses only last month sacrifice some of that?

I used to think CEO's got paid that amount for the "risks" they take operating the business, clearly this was a monumental stuff up, yet they still get a bonus?

That's nasty. Who signed off on the bonus? The execs or the board made up of execs?

 

[RooFlyer]

Who signed off on the bonus? The execs or the board made up of execs?

Boards typically only have one Exec on them - the CEO/MD. MP is the same. Remuneration is typically established by a sub-committee of the Board, not including Execs and again, this is the case with MP.

 

[JohnK]

Boards typically only have one Exec on them - the CEO/MD. MP is the same. Remuneration is typically established by a sub-committee of the Board, not including Execs and again, this is the case with MP.

Most of the company boards around the world are made up of execs or ex-execs or very rich people.

Is there actually a valid reason for the obscene salaries the majority of executives are paid around the world? I can't think of one.

 

[RooFlyer]

Most of the company boards around the world are made up of execs or ex-execs or very rich people.

I was talking about listed companies; not made clear. Sure, my private company is 100% composed of executives (me!), but zero % of rich people. In economies like Australia, US and UK, listing rules make it very difficult for executive staff to comprise a majority of Directors and shareholders (like Super Funds) don't like it at all.

Remember there is now also the sanction of a shareholder vote on executive pay. Explained here: and an extract:

The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 amended to Corporations Act to strengthen the accountability and transparency of Australia’s executive remuneration framework and give shareholders more power over the pay of company directors and executives by establishing the ‘two strikes’ rule. The rule means that boards face being spilled if they suffer shareholder votes of more than 25 per cent against their executive pay proposals at two consecutive company annual general meetings.

So the power of imposing a sanction on the company lies with the shareholders - the owners, in fact only 25% of them. If 25% of the owners are too apathetic to express concern with the executive pay package given by the Board, then the Board's decision on executive pay will stand.

 

[drron]

I was talking about listed companies; not made clear. Sure, my private company is 100% composed of executives (me!), but zero % of rich people. In economies like Australia, US and UK, listing rules make it very difficult for executive staff to comprise a majority of Directors and shareholders (like Super Funds) don't like it at all.

Remember there is now also the sanction of a shareholder vote on executive pay. Explained here: and an extract:

The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 amended to Corporations Act to strengthen the accountability and transparency of Australia’s executive remuneration framework and give shareholders more power over the pay of company directors and executives by establishing the ‘two strikes’ rule. The rule means that boards face being spilled if they suffer shareholder votes of more than 25 per cent against their executive pay proposals at two consecutive company annual general meetings.

So the power of imposing a sanction on the company lies with the shareholders - the owners, in fact only 25% of them. If 25% of the owners are too apathetic to express concern with the executive pay package given by the Board, then the Board's decision on executive pay will stand.

The problem is the small share holders usually total less than 25% of the total number of shares. So up to large share holders who also have the numbers to elect the board members.

 

[SeatBackForward]

Most of the company boards around the world are made up of execs or ex-execs or very rich people.

Is there actually a valid reason for the obscene salaries the majority of executives are paid around the world? I can't think of one.

The problem is the small share holders usually total less than 25% of the total number of shares. So up to large share holders who also have the numbers to elect the board members.

Typically just a close knit group of well connected parties anyhow.

 

[JohnK]

The problem is the small share holders usually total less than 25% of the total number of shares. So up to large share holders who also have the numbers to elect the board members.

And this has created the mess we're in today.

Fancy threatening to halt supply lines.

Fancy pushing digital currency where they control how, when and where you use your money.

 

[MARTINE]

Got feedback today from the class action lawyers. They plan to seek compensation via the penalties afforded by office of Privacy Commission for gross breach
Its been radio silence from MPrivate since my letter of non-information.
And premiums to be paid no discount or minimal goodwill offer