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Time Is Money

Jul 23, 2024 • 4 min read

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MNGI Data Breach
Verizon Earnings Report

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MNGI Data Breach:

In August 2023, MNGI experienced a data breach that resulted in unauthorized access to personal and protected health information. It took MNGI nearly a year to determine the full scope of the breach, which involved a wide range of sensitive data. The compromised information includes names, dates of birth, Social Security numbers, driver's license and state ID numbers, passport numbers, biometric data, health insurance information, medical records, payment card details, financial account information, taxpayer ID numbers, patient account numbers, and usernames and passwords.
The breach was recently disclosed to the public. To manage the fallout, MNGI has been working to collect the addresses of affected individuals to notify them of the breach through written communication. In a notice on its website, MNGI stated that there is no evidence of misuse or attempted misuse of the compromised data. Furthermore, the healthcare provider has informed the Maine Attorney General’s Office and started sending notification letters to 765,937 individuals, offering them 12 months of free credit and identity protection services.
The disclosure also revealed that the Alphv/BlackCat ransomware group claimed responsibility for the attack in September 2023, although MNGI has not provided specific details about the type of cyberattack. MNGI, or Minnesota Gastroenterology, is an independent group of certified gastroenterologists operating around a dozen clinics and endoscopy centers in the Twin Cities metro area. This breach highlights the importance of securing sensitive patient information, especially for organizations handling critical health data.

Verizon Earnings Report:

In the second quarter, Verizon Communications exceeded expectations for subscriber growth but faced challenges with lower revenue from slowed phone upgrades and earnings that matched but did not surpass forecasts. The company reported adjusted earnings of $1.15 per share, in line with analyst predictions but lower than last year's $1.21 per share.
This decrease marked the lowest earnings per share for a second quarter since 2017, indicating a trend of declining profitability. Total operating revenue for the quarter was $32.8 billion, a 0.6% increase from the previous year, but below the $33.8 billion that analysts had expected. One of the main reasons for the lower revenue and profit was a decrease in wireless equipment revenue.
Customers have also been delaying device upgrades, leading to a drop in sales. Total phone upgrades fell by 13% this quarter compared to the same period last year. In the first quarter, upgrades had already dropped nearly 21%, highlighting a continuing trend of slower device replacement cycles. This slowdown in phone upgrades suggests that consumers are either holding on to their devices longer or waiting for new models, impacting Verizon's revenue from new equipment sales.

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