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AAP
AAP
Business
Alex Mitchell

Cyber insurance too expensive for Medicare

Medibank's value plummeted $1.75 billion when it returned to trading after a massive data breach. (Lukas Coch/AAP PHOTOS) (AAP)

Medibank insists cyber insurance wouldn't have helped it avoid a huge financial hit from the company's major data breach.

Australia's biggest health insurer is looking at a $35 million pre-tax hit to its earnings for the first half of the financial year before any fines or extra compensation it might have to pay.

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