MediSpend BLOG

3 Big Risks to the Cybersecurity of Life Sciences Companies

Recently, cybersecurity has become a greater priority for all businesses, including those in life sciences. High-profile breaches and newsworthy hacks have increased the stakes for executives. No one wants to be responsible for revealing confidential information about his or her company or clients. Certainly, life sciences executives never want outsiders to unearth sensitive research or intellectual property.

EU_GDPR.jpgIn addition, legislation is forcing life sciences companies to be proactive. The European Union General Data Protection Regulation (GDPR), which will go into effect in May 2018, demands companies protect the privacy of anyone with whom they are interacting online. Failing to comply could result in costly fines, not to mention damage to brand and reputation.

Hacking at Your Sense of Security

First, life sciences companies must grasp what risks are lurking in cyberspace. For starters, hackers can break into systems and networks. They might unleash viruses to cause chaos. Or they could view and distribute sensitive data and information. This is particularly concerning in light of GDPR, which legally requires companies to protect any personally identifiable information (PII).

Stealing Your Stuff

Cybersecurity_Data_Privacy.jpgSecond, ransomware is a concern. In this instance, the bad guys use ransomware to seize control of data. Then, they demand payment from the owner to get it back. Even if you pay, a criminal has already taken hold of your data. As a result, any information - or people - related to that data will be vulnerable. Of course, when companies or individuals give in and pay, they encourage criminals to keep doing it.

More Surfaces of Attack

Third, the growing Internet of Things (IoT) poses problems. Employees are using more devices than ever. More of these pieces of technology are able to connect to the Internet. Each one that can connect to the Internet is at risk for being attacked via hacking or ransomware. Thus, there is an even greater need for protection.

How to Play Defense

The question becomes what can you do to protect yourself? Cloud-based security is getting lots of attention, and just might be one solution. In the meantime, however, life sciences companies need to first educate themselves on the risks.

Are you worried about protecting the privacy of clients, partners, and your business? Are you interested to learn about the greatest risks to your servers and networks?

To learn more about cybersecurity threats, you can read “Top 5 Strategic Technology Trends for Life Sciences Companies.” This e-book is chock full of information relevant to leaders in the industry. Let me know your thoughts. Comment below or reach me at mdaboul@medispend.com.

Michaeline Daboul

CEO, Co-founder of MMIS, Inc.


Posted on Jul 14, 2017 3:08:47 PM

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