DailyPost 2778
UNITED HEALTH -CONGRESSIONAL HEARING
What happens to the data remains in no one’s control, once you are hit by a ransomware attack? The hacker will not provide you with all the information otherwise what is big fun of committing a crime with huge amount of effort and expertise. The aim of the ransomware gang is to make the most out of it; as much money as can be generated besides the ransom payment. Ransom payment itself can be a solid hefty sum. The hack of United Health is a case in point. A ransomware attack which impacts a large part of the population, brings accountability issues, which the company is forced to take responsibility of.
Destiny brings you to a crossroad where you have to handle the regulatory agencies and at worst of times you can land in the heat of congressional hearings, while trying to contain the damage and have to deal with you worst enemy; the ransomware gang. Finding a way out of the data mess and find operational seamlessness is not an easy job. Two congressional panels grilled CEO Andrew Witty about the cyber-attack on Change Healthcare Unit of the company. Incidentally, this unit handles around 50% of medical claims in the US. This is where public interest comes into full play. And hence the harsh congressional hearings.
It is meant to be that way. We have to live with legal and tech realities more so the ransomware types. United Health paid the gang around $22 million in bitcoin as ransom. This is no guarantee that the breached data was secure and could not be leaked be again. Interestingly, another hacking group, AlphV’s claimed offshoot claimed to be in possession of the data, though there was no way to verify it. The fallout of the hack and the size of the company issues were nagging the congressmen on the panel. The outsized influence of United Health.
The outsize logic emanates out of the fact that United Health has a market capitalization of $445 billion and annual revenue of $372 billion. Its impact on American Healthcare is critical. The CEO defended stating that the company’s problems were not a threat to the broader economy. Senator Bill Cassidy asked, “is the dominant role of United too dominant because it is into everything and messing up United messes up everybody.” Witty, the CEO tried to put forth a rational defence. He said, “I don’t believe it is because actually despite out size, for example, we have no hospitals in America, we do not own any drug manufacturers.” For sure the congressional concerns are real.
IT’s TIME TO HAVE A COLLABORATIVE, LEGAL AND DEEP TECH APPROACH TO RANSOMWARE ATTACKS.
Sanjay Sahay
Have a nice evening.