Most pharmaceutical companies agree that the losses from a cyber attack could be staggering. Consequences ranging from stolen IP, repeating clinical trials, litigation, and lost revenue resonate throughout an organization. Although the pharmaceutical industry is lagging behind other industries when it comes to cybersecurity implementation, there’s a new sense of urgency. Because of the impact to share prices and brand image, boards of directors have taken note. As data sharing becomes more prevalent across the industry, companies are starting to grasp that a breach in their network—that subsequently spreads to others—could have significant reputational impact.
Pharmaceutical companies must understand the risks and vulnerabilities within their firms as well as third party exposure. In this Business Insight, Booz Allen Hamilton Senior Lead Technologist Lou Klubenspies discusses today’s most important cybersecurity issues facing the pharmaceutical industry and how to address them.