Amid the push for digital transformation, the pharma industry finds itself navigating a critical intersection of concerns—data protection, regulations, and the threat of data breaches. This pivotal juncture has thrust cybersecurity into the spotlight in the discussions of companies during Q2 2023, revealing its paramount significance in safeguarding sensitive information, with regulation mentions getting on par with data protection, reveals the Company Filing Analytics Database of GlobalData.
GlobalData’s “Company Filings Analytics Trends & Signals Q2 2023” report reveals that Europe emerged as a key geography in data protection discussions as companies look at managing data in an evolving regulatory environment.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments, “Pharma companies have tasks to manage personal information, privacy obligations, clinical trial data, e-privacy, and third-party relationships. To manage these data and avoid breaches, consequent damages, and negative impacts on stakeholders, companies are taking help from third-party cybersecurity experts to implement IT security measures to lower the risk of a cybersecurity or data security incident. Some are also maintaining insurance with respect to cybersecurity.”
Enzo Biochem Inc, a US-based biosciences and diagnostics company, experienced a ransomware attack that affected certain crucial information technology systems. The company took assistance from third-party cybersecurity experts and launched an investigation notifying law enforcement. The company discovered that some information, including names, test results, and social security numbers, had been accessed.
Impel Pharmaceuticals Inc, a Seattle-based commercial-stage pharmaceutical company, and Harpoon Therapeutics Inc, a California-based clinical-stage immunotherapy company, maintain insurance with respect to cybersecurity, but they are unsure if any insurance will be enough for data handling or data security liabilities. The companies doubt if such coverage will be commercially available, or if that coverage will pay future claims.
Verve Therapeutics Inc, a Massachusetts-based clinical-stage genetic medicines company, talks about the consequences of material system failure, accident, cyber-attack, or security breach. The development programs and business operations may be materially disrupted, including transaction errors, supply chain or manufacturing interruptions, processing inefficiencies, data loss, or the loss of or damage to intellectual property or other proprietary information.
Singh concludes, “As these pharmaceutical companies take comprehensive strides to safeguard sensitive data, the message is clear—the path forward is paved with vigilance, collaboration, and a profound commitment to preserving the integrity of information in the digital age.”