UnitedHealth has reported significant financial impacts due to a ransomware attack on its subsidiary, Change Healthcare, in February 2024, with costs already reaching $872 million in the first quarter. The company has offered over $6 billion in support to affected care providers, with total Q1 impacts per share at $0.74, expected to rise between $1.15 and $1.35 by year-end. Remediation and business disruption costs are anticipated to exceed $1 billion, including a $22 million ransom payment to the attackers. The cyberattack has severely affected hospitals and pharmacies across the U.S., impacting cash flow and care provision, leading to a $1.221 billion net loss for Q1. Despite these challenges, UnitedHealth's share price saw a 7.5 percent increase in premarket trading after announcing these results. The total estimated cost of the cyberattack for 2024 is between $1.35 billion and $1.6 billion.

Change Healthcare’s ransomware attack costs reach nearly $1B The Register

The article discusses the critical role of sponsorship in leadership and talent development within organizations. It describes sponsorship as a proactive and impactful support system provided by senior leaders who use their influence and reputation to advocate for and advance high-potential individuals. This process not only fast-tracks the career paths of those sponsored but also instills confidence, fosters belonging, and contributes to organizational success. Through strategic sponsorship, which is more involved than mentoring or advising, organizations experience a cultural shift that promotes relationship development, trust, and elevated performance across the board. The article uses practical examples to illustrate how effective sponsorship can transform individual careers and organizational culture, further emphasizing its necessity in cultivating a resilient and innovative workforce.

Unlocking the Power of Sponsorship in Leadership Culture Publication

Apple's forthcoming iOS 18 update is set to enhance privacy by processing artificial intelligence (AI) features directly on devices, such as iPhones, avoiding the need for cloud connectivity. This shift aims to improve Siri and other applications while maintaining user privacy. Bloomberg's Mark Gurman reports that these AI capabilities will be able to operate offline thanks to Apple's development of an in-house large language model known as "Ajax." While complex tasks will still require an internet connection, basic functions like text analysis will be accessible offline, positioning Apple to potentially lead in privacy-focused AI technology. This development will be officially unveiled at Apple's WWDC event on June 10.

Apple's iOS 18 AI will be on-device preserving privacy, and not server-side publication

The article from the Harvard Law School Forum on Corporate Governance, authored by Subodh Mishra of Institutional Shareholder Services Inc., discusses the emerging trend of AI governance in corporate settings, particularly in the S&P 500 companies. It highlights that only 15% of these companies disclosed some form of board oversight on AI, mainly within the information technology sector. With AI becoming increasingly material to business operations, there is a growing call for companies to not only reveal board members’ skills and oversight roles regarding AI but to also enhance these disclosures. The analysis reflects on the need for more comprehensive AI oversight mechanisms as investors and regulatory bodies begin to demand better management of AI-related risks and opportunities.

AI Governance Appears on Corporate Radar publication