An expert in technology law, GV Anand Bhushan, Partner, Shardul Amarchand Mangaldas & Co, says, “Typically when a pharma company bears the brunt of a cyber-attack, it can have a devastating impact on the company ranging from stolen IP, repeating clinical trials, contaminated drugs, physical damage and downtime, litigation, and lost revenue.”
He adds, “Data stolen from pharma companies is extremely valuable as hackers can sell personal patient information on the dark web that includes address history, financial information, and social security numbers which can later be used to commit identity thefts. In fact, a study conducted by the Ponemon Institute in 2018 revealed that each stolen record in the pharma sector was valued at $195 per record!”