Tik Tok reportedly suffers massive data breach - September 6, 2022

Executive Leadership Briefing

CVS outbid rivals such as Amazon to acquire home healthcare company Signify Health for $8 billion. The acquisition comes as retail pharmacy companies increasingly move into the home healthcare space with Walgreens Boots Alliance buying CareCentrix Inc. last week and Amazon announcing the purchase of One Medical for roughly $4 billion. The deal will add roughly 10,000 doctors and clinicians to CVS’s ability to coordinate healthcare for U.S. customers. Observers noted the purchase suggests the company wants to become a primary care provider for customers rather than remaining a provider of pharmaceuticals and toiletries.

Oil producer coalition OPEC+ announced an agreement to cut oil production by 100,000 barrels per day, backtracking on an increase approved last month. The alliance’s move suggests the member states want to stabilize global markets, and while “inconsequential” in terms of volume, shows the group is closely monitoring prices. The announcement caused a surge in oil prices and came as Russia and the West entered into an energy dispute. Russian oil company Gazprom recently announced an “indefinite” shutdown of gas supplies to Europe through its Nord Stream 1 pipeline.

Rishi Sunak was defeated by conservative candidate Liz Truss in the contest to become Britain’s new prime minister, assuming leadership as the country faces fierce economic headwinds. Her immediate challenges include addressing the cost-of-living crisis in the UK and steering the economy through a likely recession. One of the first moves expected from Liz Truss is a significant energy package for businesses in the UK as well as a cap on household energy bills. Liz Truss said she will institute tax cuts as part of her plan to grow the economy, and unlike her predecessor Boris Johnson, has expressed a more favorable view of social spending to support the country’s economic health.

California’s power grid came under pressure from a significant heat wave over Labor Day weekend with a number of locales hitting record temperatures in the triple digits. Rolling blackouts are expected this week after grid operators avoided grid shutdowns on Monday, highlighting the challenges of power grids affected by extreme weather events. The heat wave comes at a bad time for the state as the threat of wildfires looms large following prolonged drought conditions across a number of Western states. Weather experts called the heat wave the worst in the West’s history with heat warnings issued across six U.S. states and parts of Canada reporting record-breaking temperatures.

Social media app TikTok reportedly suffered a hack with roughly 2 billion user database records stolen, according to cybersecurity researchers who discovered the attack. The news prompted experts to warn users to update their login credentials and enable two-factor authentication for their accounts. Although TikTok denied the attack took place, claiming the images hackers shared as proof are publically accessible, the hackers warned they may sell the data and stolen code or release it to the public. Experts said the attack highlights the popular app’s attractiveness as a target for hackers and could contribute to the U.S.’s recent push to combat Chinese companies.

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