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Aflac, a leading U.S. insurance provider, has reported a cyberattack that compromised customer personal information, including Social Security numbers and health data. The breach, identified on June 12, affected not only customers but also beneficiaries, employees, and agents. Aflac said that the incident was not linked to ransomware but was executed by a cybercrime group targeting the insurance sector. John Hultquist, chief analyst at Mandiant, Google's threat intelligence unit, noted that the hackers, associated with Scattered Spider, utilize social engineering tactics to infiltrate networks. Aflac, which serves around 50m customers, joins other insurers facing similar threats amid rising cyberattacks in the industry, with Erie Insurance and Philadelphia Insurance recently reporting incidents. The average cost of a data breach was $9.36m in 2024, which remains the highest average among the 16 countries and regions studied, according to IBM research. Cyber risks can manifest in many ways, and CFOs are uniquely positioned to quantify these risks and estimate the cost of incidents. By collaborating closely with chief information security officers, CFOs can better understand risk probability and exposure, set spending and ROI metrics, and communicate recommendations for prioritizing cybersecurity investments.

 

Fortune

Techcrunch

President Donald Trump has urged Republicans to ensure that the One Big Beautiful Bill Act is sent to the Oval Office for his signature by July 4th. Senate Republican leaders are currently revising their version in advance of potential votes later this week. The bill must then pass the House, with any changes there requiring a further Senate vote. Lawmakers are scheduled to leave Washington for a recess next week but signaled they were prepared to stay to finish the bill. “No one goes on vacation until it’s done,” Trump said in a Truth Social post on Tuesday. House Speaker Mike Johnson (R-LA) said Tuesday that “If the Senate does its work on the timeline we expect, we will do our work as well. And I think everybody’s ready for that." Senate Majority Leader John Thune (R-SD) wants his chamber’s “vote-a-rama” to begin as soon as Thursday, though other GOP senators said the timeline could slip, potentially into the weekend.

 

CBS News

CPA Practice Advisor

PBS

Wall Street Journal

Federal Reserve Chair Jerome Powell told lawmakers on Tuesday that the central bank needs more time to see if rising tariffs drive inflation higher before considering the interest rate cuts that President Donald Trump is demanding. “Policy changes continue to evolve, and their effects on the economy remain uncertain,” he told the House Financial Services Committee. “The effects of tariffs will depend, among other things, on their ultimate level.” Mr. Powell will appear later today in front of the Senate Banking Committee. His testimonies on Capitol Hill follow a period of public criticism from Mr. Trump, who on Friday on social media asked the Fed board to "override this Total and Complete Moron!" Two Fed officials appointed by Mr. Trump, Christopher Waller and Michelle Bowman, have in recent days indicated they could support lowering rates as soon as the Fed’s next policy meeting at the end of July.

 

CNBC

New York Times

Reuters

Wall Street Journal

U.S. consumer confidence slipped in June, reversing an improvement in May, according to the Conference Board. Its consumer-confidence index fell to 93, from 98.4 in May. Economists polled by Reuters had forecast the index increasing to 100. A measure of consumer expectations for the next six months dropped 4.6 points, as the share of respondents anticipating better business conditions fell by the most in more than two years. The gauge of present conditions fell 6.4 points. "The decline was broad-based across components, with consumers' assessments of the present situation and their expectations for the future both contributing to the deterioration," said Stephanie Guichard, senior economist, global indicators at the Conference Board. "Their appraisal of current job availability weakened for the sixth consecutive month but remained in positive territory."

 

CNN

Bloomberg

Reuters

Wall Street Journal

Jeffrey Ettinger will return as interim chief executive of Hormel Foods for 15 months starting July 14th, following a previous long tenure as its president and CEO. His appointment concludes the company’s CEO search, with a permanent successor expected in October 2026. Simultaneously, John Ghingo has been promoted to president. Formerly executive vice president of retail and a past president of Applegate Farms, he will now oversee Hormel’s retail, foodservice, international operations, supply chain, R&D, and corporate strategy.

 

Wall Street Journal

Insurer Manulife has been embedding artificial intelligence into its operations for nearly a decade, resulting in significant efficiency gains and high customer satisfaction scores. Karen Leggett, Manulife's global chief marketing officer, said: “We realised early on that gen AI had a transformational ability to significantly make things easier.” The company has expanded its AI team to around 200 data scientists and machine-learning engineers, leading to innovations like ChatMFC, an internal AI tool for all employees. Jodie Wallis, Manulife's global chief AI officer, highlighted the importance of their early investments, noting: “Our timing, in retrospect, couldn't have been better.” Manulife says it is also committed to responsible AI use, focusing on sustainability and involving its workforce in shaping AI strategies. Leggett emphasised the need for employees to engage with AI, saying: “We want them to be at the forefront, have an innovation mindset.”

 

The Globe and Mail

Bloomberg reports that Target is evaluating an initiative to deliver products directly to consumers from factories, similar to the model used by such firms as Shein and Temu. The company is seeking to broaden its range of low-cost offerings through the initiative, according to sources familiar with the company, with items including apparel, household goods and other non-food items. By shipping directly from production sites, Target can offer lower prices and potentially increase market share among discounters.

 

Bloomberg

Reuters

FCC Chair Brendan Carr has announced a review of the U.S. Cyber Trust Mark program due to "potentially concerning ties to the government of China." The review is being conducted by the FCC's Council on National Security, though Carr offered no specifics. The development was first reported by Fox News. The Cyber Trust Mark program is intended to certify the cybersecurity of smart devices sold in the U.S.

 

Reuters

In a recent cyberattack, hackers targeted grocery distributor UNFI, leading to widespread shortages in stores and pharmacies across the nation. Gregory Esslinger, a distribution expert, emphasized that the incident "exposes the fragility of our whole grocery system," highlighting the need for stronger digital defenses. UNFI, which generates approximately $31bn in revenue and supplies 30,000 stores, has resumed operations after detecting the attack on June 5. However, analysts predict a potential $250m hit to quarterly sales, with concerns about customer retention.

 

The Columbian

H&M-backed textile recycling firm Syre is to provide recycled polyester to Gap and Target, to help them meet the growing demand for sustainable apparel. Syre, which produces a polyester chip which then needs to be spun into a thread by its partner companies. plans to produce more than 3m metric tons of polyester in 2032 by recycling used garments. It entered a long term agreement with H&M last year worth a total of $600m over seven years. "This partnership enables us to accelerate our progress toward realizing a more circular fashion industry," commented Dan Fibeger, Gap's vice president of global sustainability.

 

Reuters

European Union talks on a proposed law mandating companies to support their climate-friendly claims with evidence have been suspended after the European Commission said the policy would overburden small firms and threatened to shelve it. "We are hitting the pause button," a spokesperson for Poland, which holds the EU's rotating presidency, said. "There are too many doubts and we need clarity from the European Commission on its intentions - based on that we can decide on the next steps." A European Commission spokesperson said on Friday with reference to its attempts to simplify EU regulation for European businesses: "The current discussions around the proposal go against the Commission's simplification agenda."  

 

Reuters