Biotech, Pharma, And Healthcare Firms Report High Levels of Cybersecurity Incidents and Frauds

Posted by on June 22, 2019 in Sci-Tech, Technology with 0 Comments

Sofia Adamson | Waking Times

As documented in an international study for the 2017-18, Kroll Annual Global Fraud & Risk Report, cyber, security, and fraud threats continue to achieve high levels in the biotechnology, healthcare, and pharmaceuticals industry.


78% of respondents reported that their companies had encountered an information threat or cyber incident, attack, or loss over the past twelve months. Only 7 out of 10 answerers (67%) documented the existence of at least one security crash during the past 12 months.

The document unveils that respondents in the biotechnology, healthcare, and pharmaceuticals industry have a higher sense of susceptibility to security, fraud, and cyber risks, with information-related threats now being the part of highest concern.

As scammers and various other cyber actors continue to discover new methods to generate income from discreet information, such as information that is personal, data resources are becoming more and more valuable and eye-catching targets.

Discreet Data Subject to Increasing Risks

Intellectual property theft, counterfeiting or piracy was probably the most widespread types of scams experienced in the biotechnology, healthcare and pharmaceuticals industry, reported by 30% of respondents, up to 10 percentage issues from the last 12 months.


Theft of physical stock and assets and misappropriation of company resources were also reported as the most widespread types of scams by 30% of respondents in the industry.

At times when major computer viruses such as Petya and WannaCry hit across the globe, nearly 4 in 10 (38%) professionals surveyed reported that their companies had been suffering from a worm or virus attack.

A 3rd (33%) reported that they’d lost machines with very sensitive information, and 31% endured an email-based phishing attack.

Loss of intellectual property (IP) and physical theft were probably the most common type of security crash.

Of all those operatives in the biotechnology, healthcare and pharmaceuticals industry whose organization had a security crash a year ago, 40% reported that their companies fell prey to IP loss or theft.

3 types of security incidents reported by respondents (category wise):

Wide-Ranging and Costly Consequences

In combination with reporting higher than normal prevalence levels, respondents from the biotechnology, healthcare and pharmaceuticals industry revealed that the consequences of security, fraud, and cyber activities were wide-ranging and costly, having an effect on customers and employees, as well as the organization’s status.

Employees’ morale, privacy, and safety were adversely affected by cyber events reported by 85% of respondents whose organizations had dealt with scams, 83% of all those that reported a cyber event, and 80% of professionals whose organizations survived a security breach.

A massive majority of respondents mentioned that clients had been adversely disturbed by the 3 risk elements – 92% by a scam’s incident, 92% by an online incident, and 80% by a security event. Much the same proportion reported that the affected company’s status had suffered as a result of security (90%), fraud (75%), or cyber (74%) event.

Companies encountered significant financial destruction from scams, with 1 in 5 respondents (20%) confirming damages of 7% or even more of company profits. No respondents from the biotechnology, healthcare, and pharmaceuticals industry reported this particular degree of monetary effect in last year’s study.

 

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