A secure and reliable information system is paramount, and the pharma industry is no exception. However, several important factors must be considered, including cyberattacks’ cost and potential viability, the need for multi-factor authentication, and the required architectural approach. In addition, the cost of insider fraud is another important consideration. Therefore, cybersecurity is an area where the pharma industry needs to invest in comprehensive security architecture.
Cost of cyberattacks on pharma companies
With a global cybercrime epidemic and the rising cost of cyberattacks, pharma manufacturers must adopt an effective pharma cybersecurity strategy. In addition, the growing threat landscape from nation-states and insiders puts pharma companies in the crosshairs of hackers and criminals. As a result, cybersecurity is now a core element of growth plans for the pharmaceutical industry and needs to be designed as part of the process.
As the pharma industry becomes increasingly automated, a cyber-attack on pharmaceutical companies can halt research, development, and drug production. In addition, cyber-attacks result in data loss and financial losses. These losses can include lost revenue, additional legal costs, and non-compliance with regulations.
To combat these threats, pharma companies need to improve cybersecurity across the organization. Many cybersecurity vendors do not cater to biotech or pharma companies. These industries require complex, hard-to-identify intellectual property. For instance, pharma companies may find it challenging to implement text-based content-matching tools.
Importance of multi-factor authentication
Cybersecurity is a top priority for the pharma industry, and pharmaceutical companies must be vigilant about securing data. As a result, multiple regulations have been enacted to protect data and privacy in the industry. These regulations include HIPAA, 21 CFR Part 11, and the Drug Supply Chain Security Act.
Multi-factor authentication helps prevent unauthorized access to data and account credentials by adding an extra layer of security. This security feature has numerous benefits, but many users don’t use it.
Multi-factor authentication is essential to protect the identities of users on corporate networks. Enforcing security policies ensures that a person is who he claims to be. Moreover, rising threats and the need to lower security costs make it essential for companies to implement multi-factor authentication.
Need for a comprehensive architectural approach
As the pharma industry continues to move towards cloud-based systems and remote working, the threat of cyberattacks increases. Pharma companies must take the appropriate steps to protect their data and applications. Cybersecurity challenges are not simple. To effectively manage these risks, companies must adopt an architectural approach that allows flexibility and automation.
Healthcare organizations should also avoid abusing VPNs and use them only for specific tasks, such as system administration. This may include using a VPN for medical diagnosis. Healthcare organizations should also continue to look for innovative solutions to cyber threats. For example, blockchain-based systems could enable the interoperability of healthcare information. Blockchain-based solutions also have the benefit of immutability, transparency, and decentralization. A comprehensive architectural approach to cybersecurity in the pharma sector should start with the security of the data. This is the best way to mitigate the risks associated with unintentional human error.