Five things life sciences executives need to know
Our recent report, A triple threat across the Americas highlighted the overlapping fraud, non-compliance and cyber attack challenges that confront businesses across all sectors today. This follow-up piece reviews the dangers facing life sciences (LS) companies, and outlines five things that sector executives need to know:
- Life sciences companies are facing the biggest compliance challenge of any sector covered in our survey, but only a minority are investing in the resources they will need to deal with it.
- Life sciences companies show high confidence in their fraud defenses, despite the highest fraud burden of any sector.
- Cyber attacks, in particular ransomware and intellectual property (IP) theft, are the dominant fraud challenges in the life sciences sector.
- The main kinds of fraud perpetrators which have affected life sciences companies reflect the dominant types of fraud the industry faces.
- Cyber security is another area for this industry where extensive risk and overconfidence co-exist.