Pharmaceutical companies agree that the potential loss of a cyber attack could be huge. However, the industry is far behind other industries in implementing cybersecurity measures. In addition, the consequences of a cyber attack could have a devastating effect on share prices, brand image, and reputation. For these reasons, the industry is increasing efforts to implement cybersecurity solutions.
IoT increases The Risk Of A Cyberattack.
The risks of a cyberattack increase for the pharmaceutical industry as the Internet of Things (IoT) becomes more prevalent. While IoT enables pharma firms to collect and analyze patient data and monitor industry trends, it also increases the attack surface. In addition, the growing number of connected devices poses new privacy risks and more opportunities for hackers to exploit security gaps. Fortunately, several proactive steps in pharma security can be taken to minimize the risk of cyberattacks.
The risks are numerous and can include financial loss and business disruption. Cyberattacks can prevent drug production, stop research and development, and compromise patient data. In addition, cyberattacks can result in fines, lost consumer trust, and even legal action. Some attacks even cause supply chain disruption.
Privileged Account Management
Administrators and superusers must be aware of the risks of privileged account management because a poorly managed account can lead to malware or other threats that compromise the performance and protection of the network. In addition, proper privileged account management can prevent administrators from covering up evidence of wrongdoing and create a permanent audit trail. This way, companies can build a strong line of defense against insider threats.
Privileged account management (PAM) solutions can help organizations avoid security breaches by reducing privileged user access. Privileged account management solutions protect domains from DDoS attacks and help organizations identify bad actors. Unfortunately, privileged accounts are also important targets for cybercriminals, with over eighty percent of all cases involving privileged user accounts granting access to critical systems or data.
Privileged account management can help pharmaceutical companies avoid liability, as it minimizes the attack vectors of hackers and other bad actors. Most malware requires privileged access to install and execute. A privileged account management solution allows users to audit privileged accounts and determine which accounts are compromised. Privileged account management also helps companies comply with HIPAA and other regulations that require less-privileged access policies.
Pharma Industry’s Increased Focus On New Technologies
With the rising threat of cybercrime and other forms of cybersecurity, the Pharma industry must pay close attention to cybersecurity. Existing regulations, which are often outdated and designed to apply to healthcare in general, aren’t always sufficient. The industry needs comprehensive regulations that address the specific needs of its industry. Increasing focus on cybersecurity has also emerged as a critical issue for governments, as various countries are now focusing on cybersecurity in the critical infrastructure domain.
The pharma industry is a particularly vulnerable target for cyberattacks because of its customer-centric nature. The industry engages with its customers in highly targeted ways and increasingly participates in data exchange through the Internet. This makes pharmaceutical organizations an easy target for cybercriminals, who could use the information to disseminate dangerous misinformation about medicines.
Targeting Of Ransomware Attacks
The pharmaceutical industry is a particularly vulnerable target because of its sensitive information. Ransomware attacks could paralyze an organization, causing a delay in the production of crucial medicines. Moreover, ransomware attacks could potentially impact global health and vaccination programs. In the worst case, these attacks could lead to the loss of an organization’s reputation and business value.
Cyber attackers are increasingly targeting mid-sized organizations and medium-sized enterprises as their victims. These attacks have the potential to trigger international sanctions and even political instability. Cyber attackers have also begun personalizing their targeting based on the target’s profile. For example, in the third quarter of 2020, cyber attackers were most likely to target pharmaceutical companies as they store sensitive data, such as clinical trial data. The life sciences industry is an increasingly lucrative target for cybercriminals. It has massive revenues and a seemingly endless supply of sensitive data. These factors make it an ideal target for destructive ransomware attacks. Today’s ransomware attacks are more sophisticated than ever before. These attackers spend weeks observing the target and gathering information.
