The Latest Breaking News from Medibank

Experts suggest using multifactor authentication and telling your bank to put extra security checks in place

Sydney (AFP) - Hackers accessed millions of medical records at one of Australia's largest private health insurers, the company said Wednesday, prompting the government to admit the nation's cyber safeguards were "inadequate".

Medibank has confirmed hackers accessed the personal information of all four million of its customers, as well as significant amounts of health data.

Companies that have data breaches like Optus or Medibank could soon face bigger penalties under new laws introduced to parliament.

Medibank's hacking debacle results in the company's market value plunging by $1.6 billion, ANZ is fined $25 million for misleading customers, while the local share market rises for its third straight day as Australian inflation hits a 32-year high.

Treasurer Jim Chalmers says energy bills will surge in the next two years but the government will spend $25 billion on climate change until 2030, and the Medibank cyber attack details get worse by the day.

Cyber security experts say the data hack on Medibank is shaping up as far worse than the one against Optus. The healthcare provider has now revealed the breach on its customers data could impact at least 4 million people.

Medibank customers have been left vulnerable after a hack. Here's what customers need to do to protect themselves.

The hacker has released personal data on the dark web.