The Pharmaceutical sector is one of the top targets for data threats. According to a 2015 survey by Crown Records Management, a global consulting company, 2/3rd of pharma companies have suffered serious data breaches while 1/4th have been hacked!
The primary reason for the threat is Intellectual Property (IP). The pharmaceutical sector is rich in intellectual property (IP) and research & development (R&D) of new drugs and medicines, the loss of which can significantly impact a company’s future. IPs targeted could be multiple across drug discovery programs, clinical development programs, drug registration applications, molecular formulae, patient records, production processes, manufacturing records, quality assurance and compliance data.
Also compromises in trial information or quality of product can seriously dent credibility of the company's brand and products. It can also lead to serious penalization by regulatory authorities.
Today, given that Indian pharma companies are an integral part of the global pharmaceutical ecosystem, they are not insulated from what is happening globally as can be seen from the recent happenings.
As per ASSOCHAM study, India's domestic drug formulations market is likely to cross $20 billion by 2018-2019 from a level of about $11 billion in 2013-2014.
A 2015 survey by KPMG related to India's Cyber-crime said that 44% of respondents believed that the pharma sector was a target for cyber-criminals. The primary reason being financial (65% respondents), but the close next was corporate espionage (46% respondents).
As obvious, there are outside threats, but also insider and business partner threats, because this industry has some of its most sensitive data often scattered across locations, sometimes with multiple partners.
In this webinar, learn about information risks in the pharma industry, and how to mitigate them by focusing on very specific areas.