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Europe’s Action to Protect their Pharmaceutical Industry from Cyber Attacks

What is Europe to Protect their Pharmaceutical Industry from Cyber Attacks?
What is Europe to Protect their Pharmaceutical Industry from Cyber Attacks?

Did you know that according to research by Deloitte, the pharmaceutical industry is most at risk from cybercrime internationally?

This potential threat has risen as a consequence of the COVID-19 pandemic.

But what is the reason behind it?

The pharmaceutical industry is based on innovation and has all attributes that make it a target for cyberattacks. It includes high levels of R&D with sensitive intellectual property (IP). In addition, it relies on supporting technology to run operations efficiently. The industry sees high-income generation and has trade secrets, making it a target for industrial spying.

According to estimates, IP can account for up to 100% of the value of smaller businesses and more than 80% of the value of larger companies.

The effects of a data breach on the pharmaceutical industry go beyond only the financial repercussions of exposed data. Additionally, it harms the business's brand, jeopardizes patients' and stakeholders' trust, disrupts operations, and could result in penalties from the government.

The EU parliament recently amended the Network and Information Security (NIS) Directive, often known as NIS-2, on October 28, 2021. NIS was the first cybersecurity law that covered the whole of the European Union. Its primary purpose was to ensure that all member states had a high level of cybersecurity.

NIS-2 has significant implications for the pharmaceutical sector. But what are those?

  • NIS-2 now covers the public sector and the production of several essential goods, like medical devices, in addition to the industries now covered by the present directive.

  • By integrating medical equipment makers, the healthcare industry has significantly expanded its sphere of influence. It shows how important healthcare is to society and the economy and the risks the sector encounters in the wake of the COVID-19 issue.

  • It also implies that pharmaceutical businesses must take more initiative to protect their digital assets.

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