Ransomware, IP & data theft top concerns for Indian pharma firms

Mumbai, June 23

Ransomware attacks and IP and data theft are the top cybersecurity concerns for pharma companies in India as they take the digital leap, a new report showed on Thursday.

The pandemic and a rising number of targeted attacks have prompted certain pharma companies to double their cybersecurity investments, according to the report by Deloitte India-Data Security Council of India (DSCI).

"To be able to scale this digital vision and create trust globally, the pharma sector must recognise cybersecurity as a key lever, working towards bolstering security around data, operational technologies (OT), and across the supply chain," said Gaurav Shukla, Partner and Leader, Cyber, Deloitte India.

"This ability to utilise cybersecurity as a key enabler for business and digital transformation can help pharma organisations make the transition from a leader to a trusted leader," Shukla added.

For leading pharma companies, cybersecurity investments have increased by a minimum of 25 to 30 per cent between 2019 and 2021.

The pandemic and the rising number of targeted attacks have prompted certain pharma companies to double their cybersecurity investments over the past 18 months.

Furthermore, 70 per cent of the leading pharma companies highlighted their focus on a zero-trust approach with the need for a clear roadmap over the next two years, around network, data, and access, the report mentioned.

"While production linked incentive (PLI) schemes and government support will encourage more niche manufacturers and research-led organisations, the focus on cybersecurity adoption and effectively managing cyber risks will enable business transformation and establish market leaders in this sector," said Rama Vedashree, CEO, DSCI.