The scale of data theft is staggering. In 2018, data breaches compromised 450 million records, while 2019 has already uncovered the biggest data breach in history, with nearly 773 million passwords and email addresses stolen from thousands of sources and uploaded to one database.
A bipartisan bill proposed last month by New York representatives Kathleen Rice (D) and John Katko (R) would require members of Congress to receive annual cybersecurity and IT training.
Two prolific dark web marketplaces have been taken down in simultaneous global operations supported by Europol: the Wall Street Market and the Silkkitie (known as the Valhalla Marketplace).
Multiple cyber-attacks and compromise of personal information of millions of people globally show that the complexity and intensity of cybersecurity attacks are on the rise, and it could have broader political and economic ramifications. As cybercrimes become more lucrative and cybercriminals become smarter, cybersecurity too will have to be intelligence driven, enabling a swift response to the advanced attacks.
In 2018, we witnessed some of the biggest data breaches ever – affecting businesses and consumers alike. From social media, hospitality, healthcare and even mail delivery, 2018 proved that there is no escaping cybersecurity flaws, regardless of the type of business or its popularity. For example, we witnessed the data of approximately 500 million Marriot guests get breached and a USPS security flaw that exposed the personal data of more than 60 million people.
Cyberattacks and data breaches are inevitable, but a multifaceted security approach will limit the potential impact. A successful strategy will combine technology, processes and people.
The WannaCry ransomware attack that successfully targeted Merck is not the only cyberattack to which the pharmaceutical industry has fallen victim. As pharmaceutical and biotechnology companies move toward greater digitalization and the storage of more valuable data, their digital security practices become more and more critical.
Companies globally could incur $5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets.
