Pharmaceutical Industry Increases Cybersecurity Investments

While the digitalization of the healthcare and pharmaceutical industries has enhanced their efficiency, the operations of both industries have become exposed to a wide variety of cybersecurity risks. In response, multiple pharmaceutical companies have decided to bolster their cybersecurity investments. This decision comes as incidents of cyberattacks against the industry have markedly surged over the past two years.

According to a study led by Etek International, companies operating in Mexico’s pharmaceutical sector are receiving between 3,000 and 7,000 cyberattack attempts every day. While most of them are easily preventable, the cybersecurity company warns that being targeted by an effective cyberthreat can lead to financial losses amounting up to US$250,000 per day. 

While the volume of cyberattacks “escalated at the onset of the pandemic, the pharmaceutical industry has gradually become one of the preferred targets for cybercriminals in the subsequent years, primarily due to its economic and social significance," says Jorge Alberto Malo del Valle, CIO, Nadro.

The deliberate targeting of pharmaceutical companies carries explicit consequences for the well-being and lifespan of Mexicans. For instance, a successful cybersecurity breach to the industry' supply chain could cause disruptions, leading to shortages of essential medications and medical supplies. Patients relying on specific medications could face difficulties in treatment access, which could have dangerous implications for their overall health. Meanwhile, individual patients could have their private information exposed to unauthorized parties, opening the door to identity theft, fraud and other malicious activities.

Additionally, dealing with the aftermath of a cyberattack can result in significant financial losses. For example, after being compromised, pharmaceutical companies may be forced to invest in cybersecurity enhancements or forensic investigations. They might also be forced to provide credit monitoring for affected patients or even pay for the retrieval of stolen information.

"It is estimated that in 2022, at least 22.2% of Mexicans fell victim to data theft. Data breaches in industries such as pharmaceuticals pose a significant security threat,” says Iskander Sánchez-Rola, Technical Director, Norton Innovation Labs. Furthermore, “given the continuous growth [of cyberattack], it is essential for industries to be prepared and protected.”

To effectively face the growing volume of cyberthreats targeting pharmaceutical companies, organizations like Nadro have seen themselves obligated to increase their cybersecurity budgets up to 90%. This proactiveness can be attributed to the costly disruptions to Mexico’s drug supply observed during the pandemic.