Cybersecurity dominates pharma industry discussions

Cybersecurity is now of paramount significance in safeguarding sensitive information for the pharmaceutical industry, according to analysis by GlobalData.

GlobalData’s “Company Filings Analytics Trends & Signals Q2 2023” report also reveals that Europe emerged as a key geography in data protection discussions as companies look at managing data in an evolving regulatory environment.

Misa Singh, business fundamentals analyst at GlobalData, commented: “Pharma companies have tasks to manage personal information, privacy obligations, clinical trial data, e-privacy, and third-party relationships. To manage these data and avoid breaches, consequent damages, and negative impacts on stakeholders, companies are taking help from third-party cybersecurity experts to implement IT security measures to lower the risk of a cybersecurity or data security incident. Some are also maintaining insurance with respect to cybersecurity.”

Enzo Bicochem, a US-based biosciences and diagnostics company, recently experienced a ransomware attack that affected certain crucial information technology systems. The company took assistance from third-party cybersecurity experts and launched an investigation notifying law enforcement. The company discovered that some information, including names, test results, and social security numbers, had been accessed.

Singh added: “As these pharmaceutical companies take comprehensive strides to safeguard sensitive data, the message is clear—the path forward is paved with vigilance, collaboration, and a profound commitment to preserving the integrity of information in the digital age.”