In addition to IP, cybercriminals may also target technology, processes, and expertise. The target may not be actual IP information but manufacturing practices. Advanced persistent threat groups have stolen data from businesses in the past.
Cyber threats and crimes are a growing concern for the pharmaceutical industry. These attacks can disrupt business, halting drug production or research and development. They can also result in data loss and financial losses. Those losses include lost revenue, regulatory non-compliance, and additional litigation costs. In addition, cyberattacks can lead to consumer distrust and reduce shareholder value. For these reasons, pharmaceutical companies must ensure their data is secure. Cyber attacks can cause various problems for pharmaceutical companies, ranging from supply chain disruptions to breached customer data. Cyber attacks can also cause delays in clinical trials, resulting in costly litigation. A recent study revealed that pharmaceutical companies experienced the highest rate of lost customers due to cyberattacks. To minimize these issues, pharmaceutical companies should implement a comprehensive cybersecurity architecture.
Impact of IoT on Cybersecurity
The Internet of Things (IoT) technology has brought several new cybersecurity risks for pharmaceutical companies. For instance, the Wannacry ransomware attack in June 2017 forced many pharmaceutical companies to cease production and operations, highlighting the risks inherent in IoT technology.
With the escalating need for an uninterrupted supply of drugs worldwide, the pharmaceutical industry has been implementing IoT and AI. This convergence will not only improve healthcare delivery but will also unlock new services for the industry. It will also help Singapore and even other countries prevent becoming a laggard in a rapidly evolving healthcare industry. However, the success of this transformation will ultimately depend on the companies’ ability to combat cybersecurity threats and protect their data. To counter these threats of pharmaceutical crimes, companies in the industry must establish flexible and robust cybersecurity protocols. These should include an overall operating model, robust contracts, and regular monitoring of cybersecurity threats. Moreover, they must communicate vulnerabilities effectively to maintain a healthy level of cybersecurity. Moreover, they must consider that their business is highly sensitive and confidential, and any disruption could pose a serious risk.
Lack of Cybersecurity Professionals
According to a report from an analytics database, pharmaceutical companies are hiring cybersecurity professionals at a lower rate than the average. The data also shows that cybersecurity professionals are mainly male, with only 11 percent being women. This trend is likely to continue. As a result, companies should be more strategic in their hiring practices. To be competitive, they should attract cybersecurity professionals with higher skill levels. In addition, they should offer growth opportunities for their existing employees. In addition, the pharma industry is increasingly relying on third-party suppliers, introducing industrial IoT technologies, and moving to hybrid/multi-cloud environments. Cybersecurity experts must help companies address these challenges and provide tactical and operational action plans to minimize security risks.
Cost of Implementing Cybersecurity Measures
Pharmaceutical companies need to implement cybersecurity measures to protect their confidential data. They have a large amount of data, which is extremely valuable. Without effective cybersecurity, this data could be stolen and sold on the dark web or returned to the company. While companies can have an airtight cybersecurity plan in place, the effectiveness of that plan depends on how well employees implement it. Many pharmaceutical companies struggle to get their employees to understand how to protect their information. The cost of implementing cybersecurity measures for pharmaceutical companies is substantial. As a result, companies need to find software that’s easy to use and supports their compliance efforts. Additionally, companies need to promote a security culture throughout their organization.
Lessons learned from the COVID-19 pandemic
The global health community is facing a serious health crisis in the wake of the recent coronavirus outbreak, also known as COVID-19. This viral epidemic spreads rapidly and poses a significant danger to human life. It has wreaked havoc worldwide and caused many problems, including job loss, social distancing, and disruptions to daily life. This pandemic has compelled humanity to find new ways to protect itself and its population.
The pandemic revealed that most companies were unprepared for a global outbreak of COVID and that most had not developed any disaster recovery or business continuity plan. However, it has also shown that the lessons learned from COVID-19 can be applied to improve health system resilience and health security. In particular, lessons learned from the pandemic can be used to improve disaster risk management for countries in South-East Asia.