A recent paper advocates for stronger regulations to safeguard personal and genetic data, highlighted by the plight of biotech firm 23andMe, which faces financial instability after a significant data breach. Once valued at $6 billion, the company now struggles at around $48 million. With 14 million customers sharing their genetic information, concerns are raised about the fate of this sensitive data if the company undergoes restructuring or bankruptcy. I. Glenn Cohen emphasizes the urgent need for consumer protections as the landscape for genetic data becomes increasingly precarious and valuable.
If 23andMe were to file for bankruptcy protection, what might happen with the genetic data of 14 million people the company holds?
Our concern is that they may end up in the hands of somebody other than 23andMe, in a way that is unauthorized.
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