(AmericanProsperity.com) – Genetic privacy is under attack as DNA testing company 23andMe faces a massive data breach and financial crisis.
The company’s stock has plummeted 99% from its peak valuation of $6 billion in 2021, leaving 15 million customers concerned about the security of their most personal information.
23andMe’s financial troubles have reached a critical point, with analysts predicting the company could go out of business by next year.
This leaves millions of Americans worried about their genetic information and highlights the risks of allowing companies to collect and store such sensitive data without proper oversight.
The recent data breach affected 6.9 million customer accounts, sparking alarming privacy concerns.
Shockingly, the company blamed its own customers for the breach, claiming it resulted from “credential stuffing” – where hackers used passwords stolen from other websites.
Adding insult to injury, 23andMe has agreed to a $30 million settlement in a class-action lawsuit related to the data breach.
While significant, this payout pales in comparison to the potential long-term consequences for individuals whose genetic information has been compromised.
The lack of federal protections for genetic information is alarming. The Health Insurance Portability and Accountability Act (HIPAA) does not cover direct-to-consumer companies like 23andMe, leaving a dangerous gap in privacy laws.
This oversight allows these companies to potentially misuse personal biological data.
Even more concerning, law enforcement agencies have shown interest in accessing genetic databases.
While 23andMe claims it does not allow law enforcement to search its database, the company has received subpoenas for genetic information.
This raises serious questions about government overreach and the potential for abuse of private genetic data.
In response, the American Civil Liberties Union (ACLU) has sounded the alarm about the potential misuse of genetic data.
Without strong federal safeguards, insurance companies, employers, and even malicious actors can access and exploit this information.
23andMe’s partnership with pharmaceutical giant GlaxoSmithKline to develop new treatments using customer data raises additional red flags.
While 80% of customers reportedly opt-in for their data to be used in medical research, many may not fully understand what it means to share their genetic information with big pharma.
The company’s leadership is in crisis. Its entire board resigned due to dissatisfaction with CEO Anne Wojcicki’s lack of a clear future plan.
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