The pharmaceutical industry is grappling with the consequences of a significant data breach at Cencora, the prominent drug distributor formerly known as AmerisourceBergen. Recent cybersecurity rules from the U.S. Securities and Exchange Commissions (SEC), which came into effect in December 2023, have also played a role in a wave of data breach reports, highlighting the…
From gatekeeper to strategist: The evolution of the CISO role in drug development
There’s an old joke about chief information security officers (CISOs) being gatekeepers of new technologies and initiatives – the infamous “Department of No.” Imagine a bouncer who, strangely, doesn’t let anyone in, saying the club is already too full, even when it’s clearly empty. But that image is outdated — especially in risk-focused industries like…
Data breaches targeting pharma companies are ‘rampant,’ report says
For pharmaceutical companies, cyberattacks can get expensive quickly. In 2021, the average cost of a data breach was $5 million, which is the third-highest of any industry, according to the IBM Cost of a Data Breach report. Cyberattacks can also cause operational disruptions. For example, in 2017, Merck & Co. (NYSE: MRK) struggled to keep…
Why cyberattacks targeting pharma are ramping up
Cyberattacks targeting the pharma industry have ramped up during the pandemic, and insider threats and nation-state attacks are also on the rise. Meanwhile, the average cost of a pharma breach in 2021 is $5.04 million, according to the IBM-sponsored Ponemon Institute’s Cost of a Data Breach Report. For context, an average data breach incurs damages of $4.24…