• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Data Breach At Health Insurance Giant Costs Company More Than $800 Million

Data Breach At Health Insurance Giant Costs Company More Than $800 Million

June 5, 2024
Political Violence Surging Under Trump Isn’t Exactly ‘Far-Right’ After All

Political Violence Surging Under Trump Isn’t Exactly ‘Far-Right’ After All

July 27, 2025
DAVID BLACKMON: Zeldin, Trump, Prepare Assault On EPA Endangerment Finding

DAVID BLACKMON: Zeldin, Trump, Prepare Assault On EPA Endangerment Finding

July 27, 2025
EXCLUSIVE: GOP Rep Touts How Alaska Is Key To Unleashing American Energy Dominance

EXCLUSIVE: GOP Rep Touts How Alaska Is Key To Unleashing American Energy Dominance

July 27, 2025
STEVE MILLOY: Big Beautiful Bill Already Paying Big Beautiful Benefits

STEVE MILLOY: Big Beautiful Bill Already Paying Big Beautiful Benefits

July 27, 2025
George Santos Reports to New Jersey Prison

George Santos Reports to New Jersey Prison

July 27, 2025
MICHELE STEEB: A New Chapter For America’s Homeless: Structure, Recovery, And Hope

MICHELE STEEB: A New Chapter For America’s Homeless: Structure, Recovery, And Hope

July 26, 2025
JAMES CARTER: America’s Capex Comeback

JAMES CARTER: America’s Capex Comeback

July 26, 2025
NEWT GINGRICH: Trump Boom Or Democrat Gloom

NEWT GINGRICH: Trump Boom Or Democrat Gloom

July 26, 2025
JOSH HAMMER: Grading The Second Trump Presidency, Six Months In

JOSH HAMMER: Grading The Second Trump Presidency, Six Months In

July 26, 2025
Leftist Outrage Erupts At California Plan To Stop Paying Criminal Illegals’ Legal Bills

Leftist Outrage Erupts At California Plan To Stop Paying Criminal Illegals’ Legal Bills

July 26, 2025
Mexican Border State Asks Tourists to Travel Highways Only in Daylight Hours

Mexican Border State Asks Tourists to Travel Highways Only in Daylight Hours

July 26, 2025
LARRY ELDER: Dems Rail Against Colbert’s Cancellation — Here’s Why

LARRY ELDER: Dems Rail Against Colbert’s Cancellation — Here’s Why

July 26, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Monday, July 28, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Data Breach At Health Insurance Giant Costs Company More Than $800 Million

by Daily Caller News Foundation
June 5, 2024 at 9:58 am
in News, Wire
245 7
0
Data Breach At Health Insurance Giant Costs Company More Than $800 Million
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Daily Caller News Foundation

Health insurance giant UnitedHealth Group lost $872 million as a result of a data breach by a group of hackers, the company announced Tuesday in its first quarter earnings report.

Despite the huge loss, UnitedHealth still posted $7.9 billion in earnings, up $8 billion year-over-year, with $99.8 billion in revenue, according to the report. Near the end of February, a group of hackers claimed to have stolen millions of sensitive records from UnitedHealth related to medical insurance and health data on customers, according to Reuters.

UnitedHealth Group had over 4.3 million total enrollees on its health plans in 2021, making it the fourth largest health insurance provider in the U.S., according to Forbes Advisor.

“The core story at UnitedHealth Group remains our colleagues delivering improved experiences for the people we serve and driving balanced growth even while swiftly and effectively addressing the attack on Change Healthcare,” Andrew Witty, CEO of UnitedHealth Group, said in the report.

UnitedHealth also set aside another $800 million in reserves to address unexpected costs from possible claim receipt timing disruptions due to the cyberattack, according to the report. The medical care ratio, which measures the share of claims doled out, increased to 84.2% in the first quarter compared to 82.2% last year due to Medicare funding reductions and considerations related to the data breach.

$UNH Earnings released;

UnitedHealth Non-GAAP EPS of $6.91 beats by $0.29, revenue of $99.79B beats by $490M.

A double beat for $UNH ✅✅

Shares 📈 5% in the pre-market. pic.twitter.com/BN4mi7qKi8

— Dividend Dynasty (@DividendDynasty) April 16, 2024

The effects of the data breach have lingered long after the attack, with payments being disrupted to U.S. doctors and healthcare facilities for at least a month following the event, according to Reuters. The cyberattack damaged UnitedHealth’s software’s ability in some places to verify insurance coverage, file claims and payout to individuals.

The company is also the target of an antitrust probe by the Department of Justice, which began in February before the breach. The Biden administration is investigating whether the company’s insurance unit and health services unit are stifling competition in the broader industry through excessive cooperation.

UnitedHealth did not immediately respond to a request to comment from the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tags: DCNFhealthcareU.S. News
Share196Tweet123
Daily Caller News Foundation

Daily Caller News Foundation

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th