An all-encompassing data protection program for the pharmaceutical and/or healthcare sectors needs to go beyond compliance. Due to the confidential nature of patient information and the ever-increasing decentralization of data storage, a robust data security strategy in these sectors is no easy feat to achieve.
Historically, the healthcare sector has long been associated with cumbersome data storage solutions, from filing cabinets where patient data can be kept under lock and key to seemingly secure internal server solutions that do not communicate with essential third-party systems and tools.
Nowadays, healthcare professionals depend on technology and devices to retrieve, update and capture patient data. With an increasing number of healthcare providers and pharmaceutical companies moving to cloud storage solutions to ensure faster and easier access to electronic health records, more rigorous healthcare data security solutions can help reduce the risk of data breaches or technical failure.
Additionally, pharma companies have an added layer of Personal Data Management which is increasingly collected and stored online for various uses. Modern customers are concerned more than ever with how their personal data is being stored and handled. According to a Salesforce report, 95% of customers say they are likely to stay loyal to companies they can trust.
Keeping the confidential nature of medical data in mind, cybersecurity in the medical space poses a unique challenge. While it might be as simple as blocking a stolen credit card, once confidential ePHI (electronic protected health information) about test results or diseases are leaked there is no way to “cancel” it. Even more important is the threat of deliberate failures in clinical electronic systems which can endanger the lives of patients.
According to the HIPAA Journal “With cyberattacks on healthcare organizations on the rise and cybercriminals developing increasingly sophisticated tools and methods to attack healthcare organizations, healthcare data security has never been more important“.
The numbers also paint a grim picture, according to SecureLink’s report, “55% of Healthcare Organizations Suffered a Third-Party Data Breach in the Past 12 months, which was the second highest percentage of all industry sectors, beaten only by the financial sector“. In their recent report, Black Kite estimates that 89% of pharma companies are at risk of phishing attacks.
Digital transformation is here to stay. It is happening across industries and sectors whether we like it or not. According to IBM, in their 2022 Cost of a Data Breach Report, the average cost of a data breach in the healthcare space has increased by $1 million to a record-breaking $10.1 million in the space of a simple year.
Healthcare and pharmaceutical organizations deal with vast data repositories on an everyday basis. In such a setup, value generation is heavily dependent on organizations’ ability to effectively unleash the power of such data to drive innovation and deliver better healthcare services and outcomes.
However, risk factors such as:
Widespread use of legacy/outdated systems
Email phishing scam
Unsecure or lax wireless network security
Lack of proper training in data security best practices
Human error/ malicious intent to steal or share confidential data online by employees, contractors and third-party vendors
All mean that healthcare data is currently at risk and, in many cases, not even compliant with regulatory bodies such as GDPR or HIPAA.
Cryptomathic offers a range of solutions designed to address the security needs of the healthcare and pharmaceutical sectors. Cryptomathic’s security solutions range from managing cryptography and keys, specifically CSG and CKMS, mobile app security (MASC), to payments authorization and secure remote signing of documents and transactions. The solutions are aimed at addressing requirements for:
"With Cryptomathic’s issuing and authentication solution, Elan is now providing an integrated solution that delivers the end-to-end EMV environment, from card issuance to payment authorization. This is a great benefit for Elan and our clients - improving efficiency and security while achieving compliance."
"Previously, our clients had to print, sign and send documents manually for compliance reasons. Now they can do it in a smart, easy and time-saving way. Thanks to the Cryptomathic Signer solution they can sign their contracts digitally in e-Banking – while meeting all legal and compliance requirements."
“CSG has enabled us to accelerate the delivery of crypto applications while generating financial and effort savings.”
“Cryptomathic’s solution has enabled Swedbank to meet its compliance requirements and significantly reduce the cost of key management to security operations.”
“Initially selected as a technology supplier, Cryptomathic is now a key partner for the ongoing development and expansion of our strong authentication and digital signature service portfolio. Cryptomathic has been more than capable of understanding our market requirements and together, we are now taking the additional step of launching an innovative offering in mobile security”
“We are delighted with the service provided by Cryptomathic in delivering a robust, flexible and future proof authentication solution for the Open24 channels. We got exactly what was promised on day 1 and customer feedback has been good.”
“We chose to partner with Cryptomathic for its market-leading position and unrivalled experience in this field. The CardInk solution offers First Data and our clients the security, flexibility and scalability required in today's rapidly evolving payments market.”
“Cryptomathic CardInk has been chosen as the only external element to the MasterCard Mobile Over-the-Air Provisioning Service, as it provides MasterCard with an industry-leading data generation solution, which is highly secure, efficient and scalable to future programme requirements.”
At the leading edge of security provision within its key markets, Cryptomathic closely supports its global customer base with many multinationals as longstanding clients.
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