Published on 21 Mar 2024 on Zacks via Yahoo Finance

UnitedHealth (UNH) Faces Investigation Following Cyberattack

UnitedHealth Group UNH suffered a cyberattack on its revenues and payment cycle management subsidiary, Change Healthcare, last month. The attack sent shockwaves through the healthcare sector in the United States. The breach, which occurred on Feb 21, has prompted the U.S. Department of Health and Human Services (HHS) to launch an investigation into the potential violations of patient data protection laws.

The HHS investigation is yet to determine if there was a breach of protected health data and whether the companies complied with U.S. health privacy laws. This marks the first probe into the incident, reflecting the gravity of the cyberattack's implications for patient privacy and healthcare operations nationwide.

Shares of UNH have lost 6.2% year to date compared with the industry’s 3.2% decline. The S&P 500 gained 8.3% in the same time frame.