Medibank boss David Koczkar holds line on how much cyberhackers are demanding, but says he won't pay

It looks like a long and tense standoff for the private health insurer Medibank which is refusing to pay a ransom demand after a cyberattack left almost ten million customers exposed.

The decision not to pay up has been backed by the federal government but is in contrast to other parts of the world where companies have paid ransoms to get critical data returned.

Also Westpac chief executive Peter King is cautious on the economy and says his key worry is a rise in the jobless rate.

I speak with Thomas Oriti on ABC Newsradio