Jason Smolanoff Featured in CNBC Article on Cyber Security Threats to Pharmaceutical Companies

As pharmaceutical companies are working around the clock to develop a vaccine and treatment for COVID-19, they are facing a new threat—cyberattacks. Pharmaceutical companies hold vast amounts of sensitive data, including personal information of people participating in clinical trials for vaccines and treatments. This threat is compounded by the fact that many companies have a largely remote workforce which increases their vulnerability to cyberattacks.  

In a recent article on CNBC.com, Jason Smolanoff, Duff & Phelps Institute Fellow and Global Leader of the Cyber Risk practice at Kroll, a division of Duff & Phelps, provided guidance to pharmaceutical companies on how to keep their data safe. “Don’t use work equipment for personal reasons,” he said. “Browse what you need to do your job, not to learn what your favorite sports team is doing.” 

Jason noted that pharmaceutical companies need to implement protective measures as soon as possible to decrease their risk of falling victim to a cyberattack and highlighted that there are different types of attacks and attackers to be mindful of. “These days, there are different versions of ransomware that encrypt the data and also steal it,” he said. “The implication is that if data is stolen, the company has a legal obligation to notify people that their data was stolen.”

Read the full article here.