SYDNEY, June 27 (Reuters) - Australia's banking regulator told insurer Medibank (MPL.AX) on Tuesday it would have to set aside A$250 million ($167 million) in extra capital, citing weaknesses identified in its information security after a network intrusion.
"In taking this action, APRA seeks to ensure that Medibank expedites its remediation programme," member Suzanne Smith said.
In a statement, Medibank said it had sufficient existing capital to meet the capital adjustment and would continue to work together with APRA on remediation measures.
The regulator will also conduct a targeted technology review of Medibank, with a focus on governance and risk culture.
($1 = 1.4981 Australian dollars)Reporting by Renju Jose in Sydney; Editing by Chris Reese and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
Persons:
Medibank, Suzanne Smith, Renju Jose, Chris Reese, Lincoln
Organizations:
SYDNEY, Australian Prudential, Regulation Authority, APRA, Thomson
Locations:
Australia, Sydney