Cybersecurity concerns with pharmaceutical industry
It is actually no secret that cybercrime is a profitable business that is constantly professionalizing and evolving its attacks. It doesn’t matter what statistics are saying, all of them share a typical downside: cybercriminal pursuits enjoy considerable financial rewards.
No industry or sector is safe from most of these resourceful individuals and groups. Reports are rife with cases of cybercrime globally targeting financial, and healthcare organizations, and merchants, among various other sectors, further indicating that cybercrime is a worldwide business and as a growing number of breaches are promoted, it’s evident that this particular business is good.
Vulnerabilities of the Pharmaceutical Industry
A particular industry that is always a prime target for these blustery performers is the pharmaceutical industry.
As reported by the Cisco Midyear, aviation, pharmaceutical, and chemical were the top 3 business verticals having high threat experience. Authenticating these bits of information is actually one 2015 study by Crown Records Management, an international consulting company, said that almost two-thirds of pharmaceutical organizations have dealt with major data breaches while one fourth have been hacked.
This is actually a little surprise as the IP (Intellectual property) associated with the particular drug formulation process is an international business that cost $80 billion in 2017, according to reports from the National Association of Boards of Pharmacy. (Source 1)
What Does Ponemon Global Research Say
All the deficits a company can possibly notice goes beyond the downtime and revenue. Any kind of cybercrime that unearths discreet information or slowdowns supply chains may lead to litigating action.
Reported by one website specializing in manufacturing and global pharmaceutical technologies news, organizations can also be accused of breach of an agreement or else asked to repeat clinical studies, which may be costly.
A 2015 Ponemon global research on the particular Cost of Cyber Crime uncovered that the pharmaceutical industry had one of the highest rates of loss of clients post data infringement, and a higher data infringement cost. (Source 2)
Loss of IntellectualProperty Is Actually A Costly Impact for The Market
And there’s little proof to point out that this will certainly decrease anytimesoon because the pharmaceutical industry lures different hackers but not limited to cyber crooks, hackers alleged of cyber espionage, and possibly even terrorists. The United States Drug Enforcement Agency realizes that Hamas and Hezbollah make fake drugs that are sold and distributed by well-established criminal communities throughout Latin America andthe Middle East. This particular trafficking generates revenues that support their terrorist activities.
However, the groups that pose the highest threat to the pharmaceutical industry are the hackers suspected of cyber espionage to be able to benefit competitors and to aid the government’s nationwide objectives.
Several authorities see the improved espionage activity alleged of originating in China to line up with the government’s twelfth 5 Year Plan, the country’s global strategic development plan. Although there is no immediate link between these two, one can definitely see the potential for this.
For instance, reported by one open source, Chinese cyber-terrorist has taken as much as 7.6 terabytes of data from a single organization, even though the name of the organization wasn’t publicly shared.
Despite the fact that no conclusive attribution was accessed, it’s mostly suspected that these cyber-terrorists have some links with the Chinese authorities and were collecting data to help Chinese organizations reduce their own R&D initiatives in developing their own products and solutions. In 2015, Nordic pharmaceutical businesses were exploited by cyber espionage activities.