DAILY UPDATE: Community Health Center Data Hack and CHIP Revocations as Markets Bounce Back

Posted on February 11, 2025 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Community Health Center, Inc. (CHC) detected a data breach on Jan. 2 after identifying unusual activity within its computer systems. An investigation confirmed that a skilled hacker had accessed and extracted data but did not delete or lock any information. If CHC’s claims are accurate, this is a positive outcome, as hackers often deploy ransomware, a type of attack in which they lock systems and demand payment before restoring access.

CITE: https://tinyurl.com/2h47urt5

Over one million Floridians have had their health insurance revoked as a result of a nationwide disenrollment from coverage that was previously safeguarded as part of the COVID-19 pandemic response. Medicaid and Children’s Health Insurance Program (CHIP) enrolment in Florida has fallen from 5.1 million to 3.8 million between March 2023 and October 2024, according to health care research non-profit the Kaiser Family Foundation (KFF).

CITE: https://tinyurl.com/tj8smmes

US stocks bounced back on Monday as investors looked beyond President Trump’s latest tariff threats, including new levies on steel and aluminum imports.

The Dow Jones Industrial Average (^DJI) added nearly 0.4% after the blue-chip index on Friday booked its worst loss in nearly four weeks. The S&P 500 (^GSPC) rose roughly 0.6%, while the NASDAQ Composite (^IXIC) popped nearly 1% as shares of AI chip giant Nvidia (NVDA) surged 3%, along with other tech stocks.

Investors weighed Trump’s recent pledge to introduce additional 25% tariffs on steel and aluminum from all countries, with the official announcement expected on Monday.

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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DAILY UPDATE: Data Breach Up, Novo Nordisk Down as Stock Markets Stumble

Posted on August 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants

“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“

A Partner of the Institute of Medical Business Advisors , Inc.

http://www.MedicalBusinessAdvisors.com

SPONSORED BY: Marcinko & Associates, Inc.

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You might be affected by one of the biggest data breaches ever and not even know it. A recent class action lawsuit filed against Jerico Pictures Inc., a background check company that does business under the name National Public Data, claims that the company was breached by hackers earlier this year.

CITE: https://tinyurl.com/2h47urt5

Here’s where the major benchmarks ended:

  • The SPX dipped 40.5 points (0.8%) to 5,199.5; the Dow Jones Industrial Average® ($DJI) fell 234.2 points (0.6%) to 38,763.45 the NASDAQ Composite ($COMP) fell 171 points (1.1%) to 16,195.8. 
  • The 10-year Treasury note yield (TNX) rose to 3.96%.
  • The Cboe Volatility Index® (VIX) inched up to 27.8, still very elevated.

What’s Up

What’s down

  • Super Micro Computer dropped 20.14% thanks to an earnings miss, as well as the announcement of a 10-for-1 stock split.
  • AirBnB tumbled 13.38% after not only missing analyst estimates last quarter, but warning of slowing demand in the coming quarter.
  • Lyft drove 17.23% lower in spite of strong ridership in the second quarter. Shareholders, however, did not like management’s dour financial forecast for the third quarter.
  • CVS Health sank 3.19% after it slashed its profit guidance for the full year, though it also announced a new cost-cutting program.
  • TripAdvisor took a trip south today, falling 16.61% due to a mixed earnings report and dire warnings of lower revenue in the coming quarter.
  • Amgen stumbled 5% after the biotech company missed Wall Street forecasts in the second quarter.

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Novo Nordisk sales thinned on Ozempic earnings miss. Shares of Danish pharmaceutical giant Novo Nordisk sank 8.27% today after the company missed expectations on its sales of popular weight-loss drugs Ozempic and Wegovy. Novo reported $1.7 billion in Wegovy sales, below the $2 billion analysts expected, while Ozempic sales came in $0.2 billion lower than analyst estimates. Overall, the company reported a net profit of $1.86 billion in the second quarter.

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DAILY UPDATE: BoA Personal Data Breach

Posted on February 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

HAPPY PRESIDENT’S DAY 2024

The Stock and Bond Markets are Closed!

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Bank of America just acknowledged that the personal information of 57,028 of its customers has been compromised. This breach, attributed to a failure at Infosys McCamish Systems (IMS), a provider of insurance business process solutions engaged by the bank, poses a substantial risk of identity theft to the affected individuals.

The data breach notification, filed in Maine, reveals that sensitive information related to Bank of America’s deferred compensation plans was inadvertently accessed. IMS, in a notification letter to customers, disclosed that the compromised data encompasses a range of critical personal details. The accessed information includes customers’ names, addresses, business email addresses, dates of birth, Social Security numbers, and other account specifics. Such data is typically all required for an identity thief to execute fraudulent activities under another person’s name.

IMS’s admission that it might never be able to precisely identify what information was accessed underscores the severity and potential long-term consequences of the breach. This uncertainty adds an additional layer of anxiety for customers, highlighting the challenges in mitigating the aftermath of such security failures.

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Finally, Walmart and Home Depot will be the star of the show this week they report their earnings for the holiday quarter. Nvidia will also try to keep its historic hot streak going when it reports on Wednesday—expectations are through the roof.

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HACKED: 23andMe

Posted on October 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

More than 7 million 23andMe customers were the victims of a data breach, with the hackers specifically targeting users of Ashkenazi Jewish ancestry. The data includes users’ names, profile photos, genetic ancestry results, date of birth, and geographical location. The hackers are attempting to sell the data, asking for between $1 and $10 per account, depending on how many accounts a buyer wants to purchase.

How’d they do it? By “credential stuffing”—acquiring the login credentials from one site and using them on other sites in order to gain access to sensitive information. 23andMe reported the incident to law enforcement and is asking all customers to change their passwords and use two-factor authentication.

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HACKED: Peachtree Orthopedics Medical Practice

Posted on July 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

ATLANTA, GEORGIA

By Staff Reporters

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A large orthopedic practice in Atlanta notified patients last week of a data breach. In a letter to patients, Peachtree Orthopedics warns personal information may have been exposed during an incident in April, 2023.

From April 14th to April 20th an unauthorized party gained access to the company’s network, and that information potentially impacted included patients’ “address, date of birth, driver’s license number, Social Security number, medical treatment/ diagnosis information, treatment cost and other financial and related information

This is the third hack Peachtree Orthopedics has reported to the U.S. Department of Health and Human Services (HHS) in the last seven years, according to federal data. According to HHS, this breach is impacting 34,691 patients.

LINK: https://ocrportal.hhs.gov/ocr/breach/breach_report.jsf

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Protected Health Information Data Breaches

Posted on February 24, 2010 by Dr. David Edward Marcinko MBA MEd CMP™

Affecting 500 or More Individuals

[By Staff Reporters]

As required by section 13402(e)(4) of the HITECH Act, the Secretary must post a list of breaches of unsecured protected health information affecting 500 or more individuals.

The following breaches have been reported to the Secretary of the US Department of Health and Human Services [DHHS].

Full Report

This link was sent in by our own investigative reporter Darrell K. Pruitt, DDS.

Link: http://www.hhs.gov/ocr/privacy/hipaa/administrative/breachnotificationrule/postedbreaches.html

Assessment

Shall we await a response from Kathleen Sebelius, who was sworn in as the 21st Secretary of the Department of Health and Human Services (HHS) on April 28, 2009?

Currently, she leads the principal agency charged with keeping Americans healthy, ensuring they get the health care they need, and providing children, families, and seniors with the essential human services they depend on. She also oversees one of the largest civilian departments in the federal government, with nearly 80,000 employees.

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