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In fast-moving sectors such as life sciences and medical technology, the risk of cyber-attacks on individuals and businesses is greater than ever. There are a number of methods cybercriminals use to exploit businesses. With data of extreme sensitivity and reliance on technology, attackers know the prize at stake. A cyber incident can happen to any business and is often extremely complicated to fix. Therefore, it’s not only important to bolster your cybersecurity but also your disaster recovery response.
The rapid advancements in these sectors have led to an increased risk of cyber-attacks for the following reasons:
- Data Sensitivity: Life sciences and medical technology companies deal with highly sensitive and personal information, including patient records, clinical trial data, and proprietary research. This makes them attractive targets for cybercriminals seeking to steal or exploit such valuable data.
- Interconnected Systems: The integration of digital technologies in healthcare and life sciences has led to a highly interconnected ecosystem. While this connectivity enhances collaboration and efficiency, it also creates more entry points for cybercriminals to exploit.
- Regulatory Compliance: The life sciences and healthcare sectors are subject to strict regulatory requirements, such as the General Data Protection Regulation (GDPR). Non-compliance can result in severe penalties, making these organisations attractive targets for hackers looking to exploit vulnerabilities and gain unauthorised access to sensitive data.
- Intellectual Property Theft: Research and development in the life sciences and medical technology sectors involves significant investment. Cyber-attacks targeting intellectual property can have serious consequences, including the loss of a competitive advantage and financial setbacks.
- Ransomware Threats: The rise of ransomware attacks poses a significant risk to organisations in these sectors. Criminals may encrypt critical data and demand payment for its release, disrupting operations and potentially compromising patient care or research activities.
To address these challenges, organisations in the life sciences and medical technology sectors must prioritise cybersecurity measures.
How Gallagher can help?
The specialist Cyber Risk Management team at Gallagher are available to carry out a free 30 Cyber Defence Check for your organisation, which will include:
- A discussion around your organisation’s cyber risk management procedures against industry best practices.
- A chance to speak with an industry specialist and discuss your cybersecurity strategy.
- An open-source intelligence investigation of your organisation’s publicly-facing assets.
- Bespoke advice and a follow up roadmap to cybersecurity maturity, plus further information on how our team can assist.
Take the first step in bolstering your cyber security defence. Book your Cyber Defence Check with Gallagher today be visiting the Gallagher website or emailing Jon_McArdle@ajg.com.
Article written by Medilink Midlands Patron Gallagher.