If you are a life sciences or technology business, then creating solutions for many of society’s problems is your raison d’etre. But like many companies such as yours, your data is often stored digitally, and by being so is vulnerable to attack from a cyber criminal.

Your data, unlike those outside of your sector, is possibly life altering and the value of your IP almost priceless. Losing this very valuable data could result not only in a loss of profit, but highly impactful reputational damage and in some cases serious legal action.

Innovation is the lifeblood of life sciences and technology but unfortunately you aren’t the only ones good at innovating. Cyber criminals are also very creative when devising new ways to infiltrate companies’ computer systems. A recent article in Manufacturing Chemist Pharma, stated that at least 60% of pharmaceutical companies surveyed had lost important data, due to a data breach.

The Crown Records Management Survey also showed that:*

• 12% had lost important data between seven and nine times, and 8% between 13 and 15 times
• 24% reported their company had suffered a hack
• 40% knew someone whose computer had been hacked.

Although this doesn’t account for the whole of the life sciences and technology sector it does show that the innumerable hours spent researching and achieving breakthroughs could be destroyed by just one act of cyber-crime or careless mistake by an employee. The result could spell catastrophe.

Top 5 causes of cyber risks

1. Extortion - this is a common tactic used by cyber criminals against life sciences companies. The valuable intellectual property is great leverage for them. They will simply steal information and hold it hostage, then demand payment in exchange for returning the data, or threaten to attack the company’s network unless they receive a ransom.
2. Theft for personal gain is becoming more common, as life sciences and technology companies increasingly store more information, data and money online. Newly developed products that are cutting-edge and invaluable are an attractive target for cyber criminals. In order to defeat the cyber criminals companies need to invest in greater cyber protection and be extremely vigilant in its upkeep.
3. Accidents will always happen. Employees who are not properly trained to spot unsafe attachments can accidentally unleash a virus that extracts sensitive data and disables an entire computer network.
4. Hacktivism, as the name suggests, this is a hybrid of ‘hack’ and ‘activism’. Like their counterparts, hacktivists have a political agenda or protest but they use computers/computer networks to achieve this.
5. State-sponsored cyber espionage sounds a little more serious, and indeed it is. Wars are increasingly fought online in this digital age, with governments globally trying to protect key assets from other countries and organisations. If you are a life science company developing these key assets then this is a very real risk.

It’s clear a poor security strategy is pretty much tantamount to business suicide these days. But by adopting a robust cyber security strategy, as well as putting a suitable insurance solution in place, you can help ensure that your business is able to withstand and recover from evolving cyber threats.

*http://www.manufacturingchemist.com/news/article_page/Survey_reveals_high_level_of_pharmaceutical_data_lost/111659

Source: Zywave - Risk Insights Combating Cyber Risks in Life Sciences

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