In 2019, the life sciences sector is expected to see a strategic rise of the digital mindset and further adoption of transformative technologies, according to Deloitte.
The digitisation of healthcare has transformed the way patients, providers, and innovators interact, helping establish a richly networked and collaborative ecosystem.
While such a system provides an excellent scope for value creation, it also poses risks from unmonitored third-party activities. Data partners, the Internet of Things (IoT), and the growing Internet of Medical Things (IoMT) have constantly been warning about the surfacing cyber risks in pharma and it’s sticking in the minds of business leaders.
The recent Global Risk & Confidence Survey demonstrated just that when the majority of respondents in the life sciences sector expected cyber to be a top risk in 2019 (50%). This was closely followed by economic risk (46%) and political risk (39%).
Data is increasingly being recognised as the new currency of life sciences innovation and we expect cyber risk to remain at the forefront of the risk agenda for business leaders in this sector ahead of the launch of the Spring/Summer 2019 Global Risk & Confidence Survey.
In a recent article we wrote on the risks associated with medical device malfunctions, the risk of data being stolen or tampered with emerged as a very real one. So, as the industry continues to look at outsourcing for advanced technologies and manufacturing capabilities, choosing vendors who share similar values and risk profiles will be crucial to help protect data and the supply chain.