Why is the Pharma Industry the Target of Cybercriminals? Pharma business data is particularly lucrative. Cybercriminals sell patient data such as financial & social identities on the dark web. Social identities falling into the wrong hands lead to possible identity theft. Pharma companies are more prone to cyberattacks as more vital data gets processed. This is due to a lack of linkage between digital acceleration and security strategy. Cybercriminals with increasing success, demand ransom from vulnerable Pharma companies. Cybercriminals hold hostage of important trial results or clinical data for ransom disrupting their business continuity.

Top 5 Cyber Threats to the Pharma Companies

Let us ponder on these 5 Cyber threats impacting Pharma businesses. IoT Pharma is one of the most vocal supporters of the burgeoning IoT. It simplifies access to essential documents and patient data. However, IoT increases cyber risks paving the way for new vulnerabilities regarding data transmission. Industrial IoT (IIoT) is critical to delivering analytics-enabled data management. Pharma companies have to ensure seamless data sharing across their supply chains. IIoT technologies boost the pace of complicated processes. But, they need significant Cybersecurity strategies to prevent data loss. Social Engineering & Ransomware Attacks Phishing attacks remain a prevalent threat in the Pharma industry. Cybercriminals create a spoofed website and launch a phishing campaign. They aim to make the recipient click a link redirecting them to the spoofed site. The spoofed site steals the user credentials or downloads malware onto their device. Thus, enabling cybercriminals to steal data and money. Social engineering attacks have damaging effects on businesses. The Pharma industry is an attractive target for Ransomware attacks. Ransomware encrypts a victim’s files demanding a ransom for the decryption key. These are financially fueled malware attacks. This attack freezes critical systems and disrupts manufacturing processes, clinical trials, and patient diagnosis causing significant financial and reputational loss. Cyber-educating employees may help them recognize and report potential phishing attempts. Pharma companies must deploy robust email security, web filtering, MFA, and strong password policies to enhance their Cyberdefense. Insider Threats Whether deliberate or not, insider threats constitute a substantial risk to Pharma’s business. Employees having access to sensitive data, falling victim to phishing attacks & giving up confidential information is rather unfortunate. In other cases, a disgruntled employee may intentionally steal data or disrupt systems. Pharma companies must enforce strong access controls like Zero Trust Network, conduct regular employee training, and monitor systems to detect and mitigate insider threats. Building a security awareness culture and maintaining clear policies and procedures are essential in minimizing insider threat incidents. Advanced Persistent Threats (APTs) APTs are prolonged, sophisticated cyberattacks crafted to gain unauthorized access to confidential information. APTs often involve targeted phishing, malware, and social engineering attacks. Pharma companies are being targeted to steal intellectual properties related to drug development, clinical trials & proprietary formulas. Supply Chain Gaps Several Pharma companies need a robust supply chain. It may consist of 3rd party vendors. They carry out daily operations and increase efficiencies like the raw material producers. 3rd party vendors must focus on integrated supply chain management systems. If any of the 3rd party vendors faced a data breach, then like a domino effect, the associated Pharma company will face the wrath of the Cyberattack. Therefore, it is crucial to have total security and visibility throughout your connected networks. By doing so, the Pharma company may monitor the vendor’s Cybersecurity posture round-the-clock.

Wrap Up

Pharma companies must have robust Cybersecurity measures to protect sensitive data. They must enforce Cybersecurity solutions to address all major security concerns. Focusing on the growing attack surface, insider threats, network complexity, and lack of Cybersecurity skills gap is necessary. Enforcing Cybersecurity measures for proactive detection and response to advanced attack vectors is the need of the hour. Pharma companies must collaborate with competent Cybersecurity Partners like Secure Network Solutions India to Cyber Protect their entire IT & Cloud Environments. For queries/requirements on Cybersecurity solutions, please email [email protected].