Anthem case Study Example | Topics and Well Written Essays - 750 words

Anthem - Case Study Example lth identification numbers, dates of birth, Social Security numbers, addresses, telephone numbers, email addresses, employment information and income data had been illegally accessed by an unauthorised party (Humer, 2015). This is a major crisis for the company as 78.8 million people including minors had their information compromised (Abelson & Goldstein, 2015). This therefore, exposed just how vulnerable the company is to cyber attacks, thus necessitating the strengthening of its IT system security. Being the among the largest health insurance companies in the United States, this situation received immense media attention. The media attention was also great as this is considered to be the worst cyber attack to have hit a health insurance company in the US. Different media companies such as the Forbes, Los Angeles Times, the New York Times, Reuters and NBC, among others highlighted this issue. The stakeholders of Anthem include its employees, current customers, past enrolees, suppliers, Independent Blue Cross, Blue Shield, shareholders, the public, the government and media. The fact that this company has many stakeholders implies that this data breach affected many parties. Strong growth in revenues: Over the years, Anthem has experienced an increase in its revenues. For instance, since 2000, it is estimated that the revenues of Anthem have grown at a compound rate of about 24.1%. In 2003, Anthem experienced an increase of $3,486.6 million in its revenue; and this was an increase of 26.8% as compared to 2002. Strong focus on technology: Anthem is highly focused on IT leading to a reduction in its processing time and saving on costs. Anthem reduced its cost of claim processing per claim from $2.50 to 14 cents. Additionally, Anthem collaborated with Accenture to develop a digital pen technology that would aid digital capturing and sending of medical claim information (Anthem Health Insurance, 2015). Strong brand association: Anthem is closely associated with