In the past few years, biotech and pharma companies have reported more incidents of data breaches than any other industry. The biotechnology industry is particularly at a higher risk. That is why, these companies need to adopt strong cybersecurity approaches.
There is no doubt that biotech firms play a vital role in ensuring the well-being of human beings. To do this, they need to handle a wealth of critical information. This data usually comprises personally identifiable and genetic information.
Keeping medical records is another reason why these organizations face more cyber incidents. Do you want to know more? Keep reading the article, as it will shed light on why you should opt for robust cybersecurity measures in biotech.
5 Reasons Cybersecurity is Essential for Biotech Companies
No one can ever deny the necessity of cybersecurity in today’s business landscape. It becomes more crucial when you talk about the biotech sectors. These organizations are always on the verge of losing research and development data. The risk of medical identity theft is also high. Let’s focus on the top five reasons cybersecurity is essential for biotech companies:
Protecting Genetic Information
The most sensitive type of data the biotech sector comprises is genetic information. These organizations have to deal with genetic databases for multiple reasons. Scientists in these firms need such details for genetic engineering to benefit humans in many ways. In the current scenario, genetic information has become the favorite data for cybercriminals.
These malicious actors can exploit these details to fulfill their evil agenda. They can use the vulnerabilities in your system’s security infrastructure to reach their target. These susceptibilities can make their access to genomic databases easy. As a result, your company’s reputation and other stakeholder’s safety can be in danger.
The genetic sequence of a person represents many things about them. It is a blueprint of their ancestral history, familial relationships, and health conditions. A malicious actor can use these details to blackmail them. You must seek help from a professional cybersecurity expert to protect this information. Businesses contact penetration testing services in Dubai to achieve the milestone.
Safeguarding PII
PII is an abbreviation for personally identifiable information. This includes the following data:
- Full name
- Mailing and home address
- Date and place of birth
- Gender, race, and religion
- Passport, credit card, and financial information
- Social Security number
Biotech companies serve as a paradise for cybercriminals due to the above data. This information belongs to patients, employees, and scientists. If a malicious actor gets his hands on these details, they can cause irreversible damage to your organization’s image and relevant individuals. You must take robust measures to safeguard this data.
Reducing the Risk of Medical Identity Theft
It is common for the biotech sector to possess the medical information of different individuals. This data is used for different research purposes and product developments. This record usually includes test reports, health history, and particular health conditions.
Medical information can be more important for cybercriminals than any other data. It helps them commit fraudulent activities without being caught for a longer period. Outdated software, unawareness, and poor security policy can lead to medical identity theft in biotech organizations.
This kind of cyberattack can cause financial losses and other critical issues for patients. Imposters start using their financial information to gain medical benefits. Whatever service they get, the affected individual will have to pay for them. This is one of the top five reasons cybersecurity is essential for biotech companies.
Guarding Research and Development Data
All the transformative developments you see in the medical and biological world are due to biotechnology. Biotechnologists use research and development data to transform their innovative ideas into reality. For this reason, such information is critical for biotech companies.
In case of a cyberattack, there is a risk of loss of this data. This can result in undesired outcomes for the firm. First of all, they might lose a competitive edge. Secondly, it can cause irreparable damage to their image, public trust, and continued projects.
Ransomware and phishing attacks can lead to these issues. Usually, insufficient cybersecurity resources and approaches can trigger such incidents. Opting for a prominent cybersecurity agency can help you fill in the loopholes. You can contact penetration testing services in Dubai to guard your biotech research and development data.
Preventing Cyberattacks on Trade Secrets
Trade secrets are the cornerstone of any industry. In the biotech sector, its necessity becomes more critical. This valuable information plays a crucial role in determining the success of a biotech company. Here is how theft of trade secrets can wreak havoc on your firm:
- Losing competitive advantage
- Increased risk of subsequent cybersecurity incidents
- Potential loss of revenue
All of the above consequences can be prevented by taking robust cybersecurity measures. An expert can help you create a strong security policy and implement it to protect your trade secrets.
Conclusion
In the biotech sector, cybersecurity is of the utmost importance. It assists you in safeguarding genetic information, protecting PII, and securing trade secrets. Contacting a professional cybersecurity expert can help you in this regard.
