The importance of risk mitigation in biotechnology

Innovation - Pharmaceutical industry

Cyberattacks on the biotechnology industry are increasing, and becoming more sophisticated. Biotech companies are under increasing daily attacks, from brute force and phishing attempts, to targeting of vulnerable web apps.

Organizations need to protect their sensitive data from these attacks, and ensure they meet the regulatory requirements for data protection in order to avoid fines or other penalties.

The importance of risk mitigation and regulatory compliance in biotechnology cannot be overstated. These processes help to ensure the safety and security of products borne from this field.

Cyber-attacks rising against biotech companies

Biological data is unchangeable. If cybercriminals take hold of sensitive biotech data – like a genome sequence – it cannot be changed, like other personal information, such as a compromised credit card which can be replaced.  

For this reason, biotech data is far more valuable than other types of personal data. The cybersecurity risks are severe, and threats have the potential to be catastrophic.

Biotech investments skyrocketed in 2020 as the COVID-19 pandemic catapulted the industry into the spotlight. As a result, ransomware attack attempts in the healthcare and life sciences sectors rose by 123% across 2020-21.

Cybercriminals have found ways to penetrate the security of companies by using remote desktop connections or other methods such as brute force attacks, automated tools and phishing schemes, which are used to obtain sensitive information from employees.

IT risk management

IT risk management is a crucial part of the business of any biotech company. This includes the process of identifying and mitigating risks before they become an issue, as well as implementing controls to reduce the likelihood for failure.

IT risk management is a process that helps protect companies from cyber-attacks and other IT-related risks. This process includes developing and implementing a security strategy, assessing risks, creating appropriate policies and procedures, monitoring for compliance and training employees.

Risk management is important because it can help prevent loss of data, theft of intellectual property or financial losses. In biotech companies, this is especially important as they rely on confidential information about their products and processes

Creating a risk management plan

Risk mitigation is a vital process that ensures the safety and security of the product in question. This can be achieved by conducting thorough research, developing proper procedures and implementing effective risk management strategies.

Your IT risk management plan should be built around the risks faced by the company and its stakeholders. This includes both financial and non-financial risks. You also need to assess how likely it is for these risks to happen and what would be their impact on the company’s operations if they did happen.

In order to create a biotechnology risk mitigation plan, it is important to understand the risks specific to biotechnology.

Risks associated with biotechnology:

Mitigating risk through cybersecurity

Not enough biotech companies are giving thought to their cybersecurity infrastructure and processes. A recent survey showed 90% of biotech and cybersecurity firms believe insufficient resources are devoted to cybersecurity in their companies.

Biotechnology companies are at risk for internal as well as external losses, or compromises of data. Companies depend on their data to help them run their business; however, companies need to have effective cybersecurity programs in place to protect themselves against data leakage, cybercrime and data breaches.

Theft or damage to a company’s data can have serious implications for drug discovery efforts, and even lead to costly lawsuits.

To reduce risk, biotech companies can take the following steps:

Stay secure and compliant with expert assistance

As the biotechnology industry continuously changes, companies need to put major focus on the protection of their data.

The cybersecurity and compliance specialists at BCS365 can help mitigate risk in your biotechnology company. Specializing in IT for the biotech industry, they’ll strive to understand your specific business needs and deliver cybersecurity software, practices and strategies to keep your valuable data safe.

Contact them today and strengthen the security surrounding your company.