As digital transformation continues, the pharmaceutical industry faces a critical intersection of concerns about data protection, regulation, and the threat of data breaches. This critical juncture puts cybersecurity at the forefront of corporate discussions in Q2 2023, putting regulatory mention on par with data protection, making cybersecurity of paramount importance in protecting sensitive information. has become clear. Corporate declaration analysis database GlobalData, a leading data analytics company.
Global data “Corporate Report Analysis Trends and Signals Q2 2023The report reveals that Europe has emerged as a key region in the data protection debate as businesses consider data management in an evolving regulatory environment.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Pharmaceutical companies are challenged with managing personal information, privacy obligations, clinical trial data, electronic privacy, and relationships with third parties. “Considering the negative impact on stakeholders, companies should enlist the assistance of third-party cybersecurity experts to implement IT security measures to reduce the risk of cybersecurity or data security incidents.” Some companies also maintain cybersecurity insurance.”
Enzo BiochemUS-based bioscience and diagnostics company experienced a ransomware attack that affected certain critical information technology systems. The company enlisted the help of third-party cybersecurity experts and launched an investigation to notify law enforcement. The company discovered that some information had been accessed, including names, test results and social security numbers.
Impel Pharmaceuticals Inc.Harpoon Therapeutics Inc, a Seattle-based commercial-stage pharmaceutical company and a California-based clinical-stage immunotherapy company, maintain insurance for cybersecurity, but they have concerns about data handling and data security. We do not know if any insurance will be sufficient against liability. . Both companies question whether such coverage will be commercially available or whether it will lead to future claims payments.
Verve Therapeutics Inc, a clinical-stage genetic medicine company based in Massachusetts, discusses the impact of physical system failures, accidents, cyberattacks and security breaches. Development programs and business operations can be subject to significant disruptions, such as trading errors, supply chain or manufacturing interruptions, processing inefficiencies, data loss, and loss or damage to intellectual property or other sensitive information.
“The message is clear as these pharmaceutical companies are taking a comprehensive approach towards protecting sensitive data,” Singh said. It is through the vigilance, cooperation, and deep commitment of the
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