Labcorp to overhaul data security practices, pay $2.3 million fine for cybersecurity failings

Labcorp will be making significant changes to its data security practices, including the creation of an incident response plan for vendor security issues. The company will also limit the amount of data shared with vendors and establish a risk management team to monitor vendor compliance with data security practices. Additionally, Labcorp has agreed to pay a fine of $2.3 million due to its cybersecurity shortcomings. These changes aim to improve the company's overall data security posture. The risk management team will play a key role in tracking vendors' adherence to data security standards. The overhaul is a response to identified cybersecurity failings.