Increasing Cyber-Threats to Drug-Makers
July 26, 2016 | Cyber-Threats, Risks, Data Breach, Cyber Security
No other industry is more vulnerable to risks and uncertainties than drug-makers. It takes years for drug-makers to develop a new treatment. These companies pour-in millions of dollars to discover new molecules that could help patients to recover faster from ailments.
Yet there is no guarantee that a treatment would hit the market even after a series of laboratory tests. Failure of clearing regulatory requirements always loom over drug-makers. The market valuation and all efforts on research and development will get wiped-off in a day lest a treatment fails to get a regulatory approval.
Drug-makers’ risks and uncertainties, however, are not just tied to regulatory approvals. As these companies store highly sensitive data such as intellectual property (IP) on their data-base servers, including email serves, attacks from insiders and other malefactors often result in huge financial losses, including reputation damage.
In 2014, a cyber security ratings company underscored that healthcare companies are more vulnerable to cyber-attacks than the retail industry. Indeed, during that year, the healthcare industry was taken aback after news broke that a hacker group named FIN4 stole critical inside data through hacking emails of more than 100 executives working in pharma and biotech companies.
But what is more worrying is that data-breach incidents often go undetected even as tabulating the total number of attacks on critical IT assets across the entire healthcare industry is nearly impossible as many companies avoid reporting a breach, fearing regulatory fines.
Is there any panacea for drug-makers to secure its critical data amid growing trend of cybercrime? Yes of course! You see, sensitive data such as intellectual property and other vital information are often stored in data-base that have access to privileged/super-user/s. If companies can make sure that these accounts stay secured through deploying risk-management solution such as Privileged Access Management/ Privileged Identity Management, unauthorized access from malicious insiders and third-party gets blocked. Not only that, this risk-management solution also helps in early detection of any unusual activities carried out from privileged users.
ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.
Need a solution for safeguarding critical IT assets? Please contact us