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23andMe facing bankruptcy
FOX 26 Business Reporter Tom Zizka has more on what the bankruptcy could mean for your DNA.
HOUSTON - The future of the genetic-testing company 23AndMe is getting financially rocky, and that could be a concern for the millions of customers who've submitted their DNA for testing.
In nearly 20 years, 15 million people have spit into a test-tube, sent it to 23AndMe so that DNA could map-out their ancestry. It's fun information to look at, but the company has never been profitable and is now, reportedly, in danger of bankruptcy which, potentially, means it could be for sale.
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That's of interest for those millions of customers, because all that sensitive data would be 'the' valuable part of the deal. Despite pledges not to share information, the company's 'privacy policy' stipulates that personal information can be accessed, sold or transferred as part of any sale, merger or bankruptcy. Simply put: if the company moves, the DNA data goes with it.
In late September, the company's board of directors resigned, leaving just the CEO who co-founded the business, because she expressed interest in taking the company private, to try saving it. In published statements, 23AndMe says company leadership is not considering any third party takeover proposals, but cyber experts say there is real value to anyone who could put together a legitimate offer for 23AndMe's treasure chest of information.
"I can see other companies buying that data, insurance companies, to begin with," says Houston tech expert Juan Guevara Torres, "Especially health and life insurance companies, they would love to be able to have that information, because with that information, they can project what's going to happen to you in 10, 15, 20 years."
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Conceivably, if an insurance company thinks there's a good chance you'll get sick, they could charge you more or not at all, just as an example.
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If you'd like to limit the chance your DNA profile gets traded, there is a way to delete it.
Start by signing into your 23AndMe account, online, and click "Settings". Then scroll down to "23AndMe Data" and click on "View."
Once there, scroll down to "Delete Data" and then click on the red "Permanently Delete Data" button. You'll receive an email to confirm the decision.
Again, that will permanently delete your DNA file, except for any research you may have previously allowed, which will retain the information.