GITNUX MARKETDATA REPORT 2024

Cybersecurity In The Biotechnology Industry Statistics

Cybersecurity breaches in the biotechnology industry are on the rise, with a reported 39% increase in attacks in 2020 compared to the previous year.

Highlights: Cybersecurity In The Biotechnology Industry Statistics

  • By 2021, cybersecurity damages in the global biotech industry were predicted to reach $6 trillion annually.
  • Hacker attacks happen every 39 seconds, on average 2,244 times a day, which puts the biotechnology industry at high risk.
  • Nearly 60% of firms in the biotechnology sector had been targeted for cyber threats as of 2017.
  • The cost of cybercrime damage is expected to hit $10.5 trillion annually by 2025.
  • In 2016, around 200,000 cyber incidents occurred in the biotechnology industry.
  • In a 2017 survey, only 15% of biotech firms said that they are prepared to respond to a cyber-attack.
  • By 2023, cybersecurity spending globally is expected to exceed $1 trillion cumulatively.
  • There has been an increase of 67% in security breaches over the last five years in the biotech industry.
  • Nearly 43% of cyber-attacks are aimed at small businesses, many of which operate in the biotech field.
  • Research revealed that 95% of cybersecurity breaches are due to human error.
  • Unfilled cybersecurity jobs worldwide will reach 3.5 million by the end of 2021.
  • Cyberattacks are the fastest growing crime in the US, increasing in size, sophistication, and cost.
  • The average time to identify and contain a breach in 2020 was 280 days.
  • In 2020, 80% of firms saw an increase in cyber threats.
  • More than 77% of organizations do not have a Cyber Security Incident Response plan.

Table of Contents

Cybersecurity has become a critical concern across all industries, and the biotechnology sector is no exception. As biotech companies store vast amounts of valuable intellectual property and sensitive data, they are increasingly becoming targets for cyberattacks. In this blog post, we will delve into the statistics surrounding cybersecurity in the biotechnology industry to understand the current landscape and the challenges that companies in this sector are facing.

The Latest Cybersecurity In The Biotechnology Industry Statistics Explained

By 2021, cybersecurity damages in the global biotech industry were predicted to reach $6 trillion annually.

The statistic “By 2021, cybersecurity damages in the global biotech industry were predicted to reach $6 trillion annually” highlights the significant financial risks posed by cyber threats to the biotechnology sector. The prediction of such a substantial monetary impact suggests that the industry is increasingly vulnerable to cyber attacks, which can result in data breaches, intellectual property theft, operational disruptions, and reputational damage. These damages can have far-reaching consequences, affecting not only individual companies but also potentially jeopardizing advancements in critical areas such as medical research and drug development. The statistic underscores the urgent need for enhanced cybersecurity measures and robust risk management strategies within the biotech industry to safeguard sensitive information and preserve the integrity of research and innovation efforts.

Hacker attacks happen every 39 seconds, on average 2,244 times a day, which puts the biotechnology industry at high risk.

The statistic claiming that hacker attacks occur every 39 seconds, totaling an average of 2,244 attacks per day, suggests a frequent and pervasive threat to the biotechnology industry. This high frequency of attacks indicates a significant vulnerability within the industry, making it a prime target for cyber threats. The fast-paced nature of these attacks underscores the urgent need for robust cybersecurity measures to protect sensitive data, intellectual property, and critical infrastructure within the biotechnology sector. Organizations operating within this industry should prioritize enhancing their cybersecurity defenses and investing in proactive measures to mitigate the risk posed by cyberattacks and safeguard their operations and assets.

Nearly 60% of firms in the biotechnology sector had been targeted for cyber threats as of 2017.

The statistic that nearly 60% of firms in the biotechnology sector had been targeted for cyber threats as of 2017 indicates a significant prevalence of cybersecurity risks within the industry. This high percentage suggests that biotechnology firms are attractive targets for cybercriminals, potentially due to the valuable intellectual property and sensitive data they possess. The alarming frequency of cyber threats highlights the critical need for robust cybersecurity measures and vigilance within the biotechnology sector to safeguard against potential data breaches, financial losses, and reputational damage. This statistic underscores the importance of prioritizing cybersecurity efforts to protect the integrity, confidentiality, and availability of information in biotechnology firms.

The cost of cybercrime damage is expected to hit $10.5 trillion annually by 2025.

The statistic stating that the cost of cybercrime damage is projected to reach $10.5 trillion annually by 2025 implies a significant and concerning trend in the realm of cybersecurity. This figure represents the anticipated total financial impact resulting from cyberattacks on businesses, organizations, and individuals globally. The rising digitization of various aspects of society coupled with increasingly sophisticated cyber threats pose a substantial risk to economic and operational stability. The projected steep increase in cybercrime costs underscores the critical need for proactive cybersecurity measures, robust defenses, and effective risk management strategies to safeguard against potential financial losses and protect sensitive data and infrastructure from malicious actors.

In 2016, around 200,000 cyber incidents occurred in the biotechnology industry.

The statistic ‘In 2016, around 200,000 cyber incidents occurred in the biotechnology industry’ suggests that the biotechnology sector faced a significant number of cybersecurity incidents during that year, potentially compromising sensitive data and operations within biotech companies. Cyber incidents can range from data breaches and phishing attacks to malware infections and DDoS attacks. The high number of incidents indicates a concerning level of vulnerability within the industry, highlighting the importance of implementing robust cybersecurity measures to protect valuable intellectual property, research data, and overall business continuity in the biotechnology sector. This statistic underscores the need for continuous vigilance and investment in cybersecurity resources to mitigate the risk of cyber threats in the biotech industry.

In a 2017 survey, only 15% of biotech firms said that they are prepared to respond to a cyber-attack.

The statistic states that in a 2017 survey conducted among biotech firms, only 15% of the respondents reported that they felt prepared to respond to a cyber-attack. This indicates a significant lack of readiness within the biotech industry when it comes to addressing potential cyber threats. Cyber-attacks are a growing concern across all sectors, including biotechnology, due to the sensitive nature of data and intellectual property involved in research and development processes. The low percentage of firms feeling prepared suggests a potential vulnerability to cyber-attacks within the biotech industry, highlighting the need for increased cybersecurity measures and preparedness strategies to safeguard against potential breaches and protect valuable assets.

By 2023, cybersecurity spending globally is expected to exceed $1 trillion cumulatively.

The statistic stating that cybersecurity spending globally is expected to exceed $1 trillion cumulatively by 2023 indicates a substantial and growing investment in cybersecurity measures to protect digital assets and information from cyber threats and attacks. This forecast highlights the increasing recognition of the importance of robust cybersecurity defenses across various industries and sectors in an increasingly interconnected digital landscape. The significant financial commitment to cybersecurity signifies the urgency and priority given to safeguarding sensitive data and systems, reflecting a proactive approach to mitigating cyber risks and bolstering cyber resilience on a global scale.

There has been an increase of 67% in security breaches over the last five years in the biotech industry.

The statistic indicating a 67% increase in security breaches over the last five years in the biotech industry suggests a concerning trend of heightened vulnerability to cyber threats within the sector. This significant rise in security breaches could indicate weaknesses in the industry’s cybersecurity measures, potentially exposing sensitive data, research, and intellectual property to unauthorized access and exploitation. Such breaches can have far-reaching implications, not only impacting the affected companies’ operations and reputation but also posing risks to the integrity and confidentiality of critical information. The alarming increase highlights the urgent need for biotech organizations to bolster their cybersecurity defenses, invest in robust security protocols, and enhance employee training to mitigate the escalating risks of cyberattacks within the industry.

Nearly 43% of cyber-attacks are aimed at small businesses, many of which operate in the biotech field.

The statistic indicating that nearly 43% of cyber-attacks are targeted at small businesses, particularly those within the biotech field, highlights the vulnerability of smaller organizations in the face of cybersecurity threats. Small businesses are often perceived as easier targets due to potentially weaker or less sophisticated security measures compared to larger corporations. The focus on biotech firms within these attacks could be attributed to the valuable intellectual property and sensitive data they possess, making them lucrative targets for cybercriminals seeking to steal valuable research and proprietary information. This statistic underscores the importance of small businesses, especially those in the biotech industry, prioritizing robust cybersecurity measures to protect their assets and maintain business continuity in the increasingly digital landscape.

Research revealed that 95% of cybersecurity breaches are due to human error.

The statistic ‘Research revealed that 95% of cybersecurity breaches are due to human error’ indicates that the vast majority of security breaches in the digital realm are a result of mistakes or oversights made by people rather than technical flaws in the systems themselves. This finding underscores the critical importance of educating individuals about cybersecurity best practices such as using strong passwords, being cautious of phishing emails, and keeping software up to date. It also highlights the need for organizations to invest in training programs and implement robust security protocols to mitigate the risks associated with human error and protect sensitive data from unauthorized access or manipulation.

Unfilled cybersecurity jobs worldwide will reach 3.5 million by the end of 2021.

The statement indicates that there will be a significant shortage in the cybersecurity workforce globally, with approximately 3.5 million positions expected to remain unfilled by the end of 2021. This shortage reflects the growing demand for skilled professionals in the cybersecurity field to combat increasingly complex and sophisticated cyber threats. Organizations are struggling to find qualified individuals to fill these roles, which may lead to increased vulnerabilities and risks to their data and systems. Addressing this shortage will be crucial in ensuring the security of digital infrastructures worldwide and highlights the urgent need for investment in cybersecurity education and training programs to meet the ever-evolving challenges in cyberspace.

Cyberattacks are the fastest growing crime in the US, increasing in size, sophistication, and cost.

The statistic that cyberattacks are the fastest growing crime in the US, increasing in size, sophistication, and cost highlights the alarming trend of cybercriminal activities posing a significant threat to individuals, businesses, and national security. As technology advances and more aspects of our daily lives become digitized, the opportunities for cybercriminals to exploit vulnerabilities also increase. These cyberattacks come in various forms such as data breaches, ransomware attacks, and phishing scams, resulting in substantial financial losses, damage to reputation, and disruptions to critical infrastructure. The growing size and sophistication of cyberattacks indicate the need for heightened cybersecurity measures, increased awareness, and collaboration between stakeholders to effectively combat this evolving threat landscape.

The average time to identify and contain a breach in 2020 was 280 days.

The statistic that the average time to identify and contain a breach in 2020 was 280 days indicates that, on average, organizations took nearly 10 months to discover and mitigate a security breach within their systems. This prolonged timeline highlights a significant challenge in cybersecurity, as threats can linger undetected for extended periods, potentially causing severe damage. The statistic underscores the importance of improving detection and response capabilities to minimize the impact of security incidents on organizations and their stakeholders. It also emphasizes the need for continuous monitoring, proactive threat hunting, and efficient incident response strategies to enhance cybersecurity resilience in the face of evolving threats.

In 2020, 80% of firms saw an increase in cyber threats.

The statistic “In 2020, 80% of firms saw an increase in cyber threats” indicates that a significant majority of businesses experienced a rise in the number of cyber threats targeting their operations and data security during the year 2020. This statistic suggests that the cyber threat landscape has been escalating, posing a growing risk to organizations across various sectors. The high prevalence of cyber threats highlights the importance of strengthening cybersecurity measures, investing in robust defenses, and increasing awareness and preparedness to effectively mitigate the risks associated with cyberattacks. This statistic serves as a warning sign for businesses to prioritize cybersecurity efforts and effectively combat the evolving threats in the digital realm.

More than 77% of organizations do not have a Cyber Security Incident Response plan.

The statistic that more than 77% of organizations do not have a Cyber Security Incident Response plan indicates a significant gap in preparedness for dealing with potential cyber security threats. Such plans are crucial for organizations to detect, respond to, and recover from security incidents effectively and minimize the associated damages. The high percentage of organizations lacking such a plan suggests a widespread vulnerability to cyber attacks and highlights the need for increased emphasis on cybersecurity measures and planning in the modern digital landscape. Organizations that fail to implement a comprehensive incident response plan are at a higher risk of experiencing severe data breaches, financial losses, and reputation damage due to cyber incidents.

Conclusion

Through examining the statistics related to cybersecurity in the biotechnology industry, it is evident that the sector faces significant risks and challenges. As technology continues to advance and data becomes increasingly valuable, it is crucial for biotechnology companies to prioritize cybersecurity measures to protect their sensitive information and maintain trust with stakeholders. By staying informed about the latest threats and investing in robust security measures, the industry can better safeguard its assets and ensure the integrity of its operations.

References

0. – https://www.www.csoonline.com

1. – https://www.cybersecurityventures.com

2. – https://www.www.cybintsolutions.com

3. – https://www.www.csis.org

4. – https://www.smallbiztrends.com

5. – https://www.www.mckinsey.com

6. – https://www.www.ibm.com

7. – https://www.www.atlanticcouncil.org

8. – https://www.www.bio.org

9. – https://www.www.accenture.com

10. – https://www.www.upguard.com

11. – https://www.www.biopharmadive.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!