Cyber & Insider Risk: The Pharmaceutical Industry
Tightening up safeguards against IP theft
Nothing is more valuable to a pharmaceutical company than the formula for one of its new drugs. This article discuss the areas that companies should consider in tightening up their safeguards against intellectual property theft.
Cyber & Insider Risk at a Glance: The Pharmaceutical Industry
Nothing is more valuable to a pharmaceutical company than the formula for one of its new drugs. Reports of hackers breaking into all sorts of firms and stealing their trade secrets is of enormous concern. Equally troubling, experts warn that theft of trade secrets by company insiders is a larger problem.
This article looks at some recent cases of corporate cyber-espionage and insider trade secret theft. It discusses the use of spear phishing and zero-day exploits by sophisticated criminal gangs targeting corporations as well as more traditional, but hard to detect cases of outsiders paying employees to steal secrets. Many of the victims of cyber theft find themselves the target of class action lawsuits and regulatory actions. A quick look at data breach shows a rapidly changing regulatory environment, growing risks of litigation, and some important insurance implications for companies and their top management. This article ends with some areas that companies should consider in tightening up their safeguards against intellectual property theft.