The risk of cybersecurity threats for businesses is increasing, and pharma companies are no exception. In fact, according to various reports, the number of cyberattack incidents in these organizations has increased in the post-COVID era.
Experts say the reason behind these threats is that these businesses are unaware of the looming cyberattacks. Various threats that can harm your company include ransomware, intellectual property theft, and Mergers and Acquisitions.
Learning about these digital attacks is essential to avoid them. Keep reading the article if you want to know more. It will shed light on the biggest cyber threats in pharma you must know.
Top 6 Cybersecurity Challenges in the Pharma Industry
Due to its valuable technology and sensitive data, the pharmaceutical industry has become a goldmine for malicious actors. That is why cyberattacks, like insider threats and phishing attacks, on these companies have increased manifold. Let’s elaborate on the top six cybersecurity challenges in the pharma industry:
Ransomware
Holding sensitive data and valuable devices of the victim as hostages through malware attacks is called ransomware. In the past few years, many big names in the pharmaceutical landscape have fallen victim to these cyber threats. That is why it is one of the biggest cyber threats in pharma, you must know.
Ransomware attacks can result in dire consequences, including:
- Loss of sensitive data
- Risk of lawsuit
- Bad reputation
- Substantial financial losses
You cannot afford to face the above drawbacks, particularly if you are a new or medium-sized company. For this reason, it is necessary to take effective measures to avoid such attacks. Pharmaceutical organizations opt for cyber security services UAE to avert the risk of ransomware.
Intellectual Property Theft
When someone steals your creative idea, innovative expression, or even invention, it is called intellectual property. Due to its high value, IP in the pharma industry is constantly in danger of being stolen. For this reason, it is one of the top six cybersecurity challenges in the pharma industry.
Different pharmaceutical industries spend millions of dollars on research to create intellectual properties. This makes the pharma’s IP an attractive target. Therefore, mismanaging intellectual property can result in detrimental consequences.
Manufacturing processes, drug formulas, and other valuable information can allure cyber criminals into launching vicious attacks. This can cost you potential revenue, market share, loss of integrity, and other dangers. It is critical to consult cybersecurity experts to safeguard your firm’s intellectual property.
The Internet of Things
The facilitation of communication between various devices and technologies using the internet is called the Internet of Things. Cyber attackers can feasibly introduce malware to these devices if they lack enough security measures.
The use of IoT has increased in the pharmaceutical industry because it offers numerous benefits. However, this technology also comes with a looming danger of cyber incidents. Malicious actors can exploit any of the connective devices to fulfill their sinister agenda.
This gives them an opportunity to damage the whole network or steal sensitive data. Strong cybersecurity measures must be considered when designing the whole IoT network to prevent any disaster in the future.
Insider Threat
An insider threat is a cybersecurity challenge that comes from within a company. It happens when an existing or former team member exploits their authorized access to sensitive data to harm the organization. It is one of the biggest cyber threats in pharma you must know.
According to the latest reports, about 75% of data breaches in pharmaceutical companies are caused by insider threats. As a result, a firm has to face intellectual property theft, fraud, data breaches, and other negative outcomes.
Pharma organizations usually have complex structures with numerous internal departments, making it difficult for them to identify an employee with a malicious agenda. Only cybersecurity experts can help combat this danger.
Mergers and Acquisitions
Forming a new identity by combining two different businesses is called a merger. Acquisition happens when one organization purchases some or all shares of another organization. These common practices in the pharma industry can pose a big cybersecurity threat.
Different cyber risks associated with mergers and acquisitions in pharmaceutical landscapes include:
- Introduction of cybersecurity vulnerabilities
- Inconsistencies in security measures
- Insider threats
- Increase in third-party cyber risk
It is important to assess and manage potential cybersecurity risks before completing M&A. Opting for a reliable service can help in this regard. You can contact cyber security services to take proper security measures during mergers and acquisitions.
Phishing Attacks
Phishing attacks occur when an individual opens a fraudulent email or message from an imposter. This works as a gateway for the malicious actor to steal valuable information and sensitive credentials. These threats have become more common in the pharma industry.
Cyber attackers follow a cunning approach to launch such attacks. They send malware-infected emails to an employee or partner, posing as trusted individuals. These incidents can result in disrupted operations, stolen information, and financial losses.
Strengthening your security is essential to preventing such cybersecurity threats. The best strategy is to spread awareness among your partners and employees, use security software, and seek help from professionals.
Conclusion
Pharmaceutical companies are one of the latest victims of cybersecurity incidents. Cybercriminals can execute various attacks, including the abovementioned ones, to damage these organizations financially and socially. Contacting a reliable cybersecurity provider is important to combat these threats.
