Life sciences innovation and cyber security are inseparable

Breakthrough drugs and devices present greater opportunities … and risks

Certainly there are strategies, processes and technologies to mitigate a breach once it has occurred. And, according to research by Forbes Insights and KPMG, organizations believe they are making the needed investments in cyber-security programs. However, to mount a truly effective defense, cybersecurity must become part and parcel of innovation. Effective cyber-security programs are focused on more than just compliance and threat management, but also on the business value cyber security can bring to the new approaches, models, and capabilities that drive life sciences.

“The value of digital assets across life sciences is skyrocketing — as are the risks and costs of regulatory non-compliance, reputational damage, and related cyber and privacy breaches.”
Liam Walsh, Principal and Healthcare & Life Sciences Line of Business Leader, KPMG Advisory

This report outlines key findings from the 2017 KPMG/Forbes Insights Cyber-Security Survey of 100 senior executives from the life sciences field. [One-hundred senior healthcare executives were surveyed as well.] The findings indicate that companies are elevating cybersecurity to a strategic imperative but at a pace that lags behind their desire to adopt digital technologies to drive innovation.

To illustrate, we take a look at the current and desired states of cyber security in life sciences through the lenses of data sharing, mergers & acquisitions, and medical device implementation. We conclude with our guidance on where organizations should be focusing their efforts.