Pharmaceutical cybersecurity has become increasingly critical as the industry continues to battle COVID-19 while facing rising cyber threats. The reliance on digital technologies has made the pharmaceutical industry a prime target for cybercriminals, highlighting the importance of robust Pharmaceutical Industry Cyber Security.
Cyberattacks are a constant threat, but the pharmaceutical sector is especially vulnerable due to its critical role in public health and its access to sensitive data. With over five billion people relying on pharmaceutical products, the industry holds immense value, making it a key target for cybercriminals.
Preventing Data Breaches in Pharmaceutical Cybersecurity
Data breaches and ransomware attacks are major concerns within pharmaceutical cybersecurity. The industry’s data theft risk is underscored by IBM’s Cost of Data Breach Report, the pharmaceutical industry experiences the fourth-highest average total cost of a data breach. Malicious actors often seek out valuable data, such as patient information and intellectual property. In fact, 80% of data breaches compromise customer personally identifiable information (PII), and over 30% involve the theft of intellectual property, emphasizing the necessity for stringent Pharmaceutical Industry Cyber Security measures.
Pharmaceutical entities face significant consequences when victimized by data breaches, including financial losses from lawsuits and fines. Notably, diminished trust leads to a substantial loss of business, accounting for nearly 40% of the total breach cost, according to IBM.
How to Mitigate Ransomware Risks in Pharmaceutical Companies
Ransomware poses a severe threat to pharmaceutical cybersecurity, with research from Black Kite revealing that 10% of pharmaceutical companies are highly susceptible to such attacks. Medium-sized companies are particularly vulnerable. Given the industry’s critical infrastructure role, downtime can have dire consequences, emphasizing the urgency for strong Pharmaceutical Industry Cyber Security.
In 2017, Merck & Co fell victim to a ransomware attack that resulted in $1 billion worth of damages stemming from downtime and lost sales, underscoring the critical importance of Pharmaceutical Industry Cyber Security. With a low tolerance for downtime, a pharma enterprise will be more inclined to pay the ransom to ensure their operations are up and running as quickly as possible. With this in mind, targeting the industry during the pandemic will likely bring perpetrators great success. This is especially if a vaccine manufacturer’s cold chain (the organizations involved in providing the sub-zero conditions for COVID-19 vaccines) is hit and vaccine distribution is interrupted. Such a scenario became a reality when AmeriCold, a specialized cold storage provider, was hit with a cyber-attack. Luckily, the attack occurred when vaccines were only in the late stages of development, but it demonstrates just how vulnerable the industry is.
Cybersecurity Vulnerabilities in the Pharmaceutical Sector
Pharmaceutical cybersecurity threats can infiltrate organizations in various ways, including hardware-based attacks. What makes this infiltration method the most harmful is the ability for hardware attack tools to go undetected. The attack tools, known as Rogue Devices, work on the Physical Layer. Existing endpoint and network solutions do not cover the Physical Layer. Hence, attackers, having infiltrated their target, can operate without raising any alarms. The greatest obstacle for perpetrators of hardware-based attacks is the need for physical access. Implementing robust Pharmaceutical Industry Cyber Security measures is essential to mitigate the risk of hardware-based attacks and maintain the integrity of critical operations.
Understanding Cyber Risks in the Pharmaceutical Supply Chain
The pharmaceutical supply chain adds complexity to cybersecurity risks. Vaccine distribution has added such complexity as vaccines must reach hundreds of millions of people across the globe, meaning more extensive distribution channels. The more entities involved in the supply chain, the more entry points for hardware attackers, meaning higher chances of successful infiltration for hardware attackers, meaning higher chances of successful endpoint or network infiltration.
The Impact of Digital Transformation on Pharmaceuticals Cybersecurity
As the pharmaceutical industry embraces digital transformation, the number of devices in use has surged, including IoT devices. This increase presents more entry points for cyber threats, especially in remote and less secure environments, underscoring the importance of comprehensive Pharmaceutical Industry Cyber Security.
Employee Vulnerabilities and Social Engineering Threats
Hardware attackers rely heavily on social engineering, and employees need to be on constant alert to prevent successful social engineering. Employees’ unintencional negligence and carelessness means they are highly susceptible to social engineering techniques.
Closing Security Gaps in Pharmaceutical Industry Cybersecurity
Although unable to detect Rogue Devices, security measures can reduce the extent of damage caused by hardware-based attack. However, pharmaceutical companies are know to lack the necessary cybersecurity capabilities for the digital platforms they operate. A lack of sufficient security only make the attacker’s job easier as there are fewer barriers in the way.
Endpoint and Network Cybersecurity
While there is no vaccine to prevent cyberattacks, effective Pharmaceutical Industry Cyber Security can significantly reduce the risk of hardware attacks. Hardware security remains an overlooked aspect of cybersecurity, but solutions like Sepio’s platform provide essential protection. By offering Physical Layer visibility, Sepio can detect all IT, OT, and IoT devices within a network, ensuring comprehensive security.
The solution’s policy enforcement mechanism enables Hardware Access Control, allowing organizations to establish strict rules based on device characteristics. Moreover, Sepio quickly detects any devices breaching these policies and initiates a mitigation process to block potential threats, thereby enhancing overall Pharmaceutical Cybersecurity.
Schedule a demo with us today and see how our patented solution can protect your organization from cyber threats. Don’t wait until it’s too late—take the first step towards securing your sensitive data and intellectual property now!
