How to Protect Your Law Firm from a Phishing Scam

Of all the cybersecurity challenges pervading businesses today, perhaps the most troubling and damaging are phishing scams. Hackers are actively turning your own employees against you in unexpected ways — ways that might not even register as a scam to your staff members. The days of phishing emails being relatively easy to spot with poor spelling, entreaties to help overseas princes regain their title and other far-fetched scenarios are over, and today’s cybercriminals are getting craftier by the minute. With a simple click by someone from within your law office, hackers are often able to obtain credentials and access internal information as though they were an authorized staff member. This frightening scenario is happening in law offices of all sizes, not just the largest firms in the country. These suggestions will help you reduce the risk to your law office and protect your digital information assets.

Plan Ongoing Intrusion Training and Tests

One of the best ways to help staff members see how realistic intrusions can be is to engage in an ongoing strategy of testing. This could include everything from quarterly reviews of payment and data access procedures with key staff members to regular phishing email tests that go to all staff members. Seeing how easily people do or do not click on a test attack can provide valuable information that can be leveraged in ongoing training classes.

Protect Access with VPNs

The American Bar Association rules of professional conduct, ABA Model Rule 1.6(e) specifically, requires that lawyers “make reasonable efforts to prevent the inadvertent or unauthorized disclosure of, or unauthorized access to, information relating to the representation of a client”. This single requirement becomes more difficult over time as there are new ways discovered for hackers to infiltrate the sensitive information that is being stored by your law office. VPN (Virtual Private Network) access allows individuals working remotely to access information securely without that data traveling over the open web.

Verify, Verify, Verify

Maintaining a high level of security means more than simply adding firewalls and securing your data access points. It also requires reinforcing critical procedures such as payment methods and multi-factor authentication. Verifying that individuals are who they say they are should involve more than one verification method such as biometric data or cell phone authorizations. Staff members should be coached that any unusual requests that arrive via email should be confirmed by a secondary method of communication, such as a personal phone call, in-person conversation or text message. This is particularly true of any requests for personal or private information that comes via email, as email addresses can be easily masked so they appear to come from trusted to internal sources.

Managing your law firm’s network infrastructure and security doesn’t have to be complicated. The experts at Coretelligent provide co-managed technology solutions that supplement the knowledge of your internal teams with expertise and hands-on support when and how you need it. See how our revolutionary model can help improve security and boost efficiency when you contact us for a free initial consultation by calling 855-841-5888 or reach us via email to info@coretelligent.com.

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Mid-Market Business: What to Expect from MSP Program Management

There’s no doubt that, these days, you’ve got a lot of options when it comes to managed service providers (MSPs). With so many firms vying for a share of the market, it’s easy to become overwhelmed in that huge stack of options. Understanding what sets one MSP ahead of a competitor has several layers, one being how the MSP views and offers program management as part of their service. With that in mind, here’s a rundown of the things a mid-market business should be looking for when it comes to program management.

Why is the Right Program Management the Key to Finding the Right MSP? 

Transparency

You should get transparency into their own processes, into what security measures are taken, what remediation is available if something goes wrong, and the like. You should be able to see what each team (your IT and the MSP’s team) is doing, and make sure that duplicate efforts are not being made.

Visibility and collaboration are the cornerstones of transparency. If your MSP has a centralized tool that allows you to see what steps are being taken to protect your network, you will be aligned with your MSP and stay in-the-know.

Accountability

Things go wrong. It’s a fact of life, and owning up to that is a sign of clear integrity. Does this MSP do what it says it will? Take the lessons learned from the transparency and look for how they’re applied. Are these lessons just marketing-speak to get you in the door? Or are these principles you can count on? You’ll likely have to check with previous customers on this one, and it’s even better if the company boasts a service-level agreement (SLA) that spells out exactly what will be provided. An SLA that includes talk of rebates or free service if violated is best of all.

If your MSP boasts that it is a proactive and reliable partner who honors its commitments, then that’s exactly what you should be looking for. The MSP should believe in transparency and collaboration as much as you do, and should be committed to reaching your goals with you.

Oversight

Who’s watching? The greatest principles are only as good as their latest application. Look for the right oversight that doesn’t let small problems go past unchallenged, and for a company that’s always working to improve. These are people you want handling your services. Are they using asset tracking systems? Do they use remote monitoring? What kind of confidentiality programs do they have in place? Look for a company that has oversight programs in place, not just for their own operations, but for your data they’ll have in their care.

Reliability

Look for old successes to better predict a path of future success, when you’re actually working with them. Look for firms that havebeen in the market for a good while. With an Insight Research Corporation study suggesting an 11.6 annual growth rate, it’s easy to see a lot of that will be new, untested firms. While every firm has to start somewhere, it’s worth holding out for a firm with experience and proven reliability.

Responsiveness

We all know problems can happen at any time, but will the MSP be ready to respond? Look for a 24 / 7 support staff. It’s comparatively rare, and a business who had to call for support on a Saturday or on Thanksgiving will make mention of that when talking about that company. The costs of downtime average $5,600 per minute, according to a Gartner study, and though that depends a lot on a company’s circumstances, no company will argue that the sooner problem’s fixed, the better.

Market-leading tools

The best firms will commonly have the best tools. We’ve covered some of these already like remote monitoring capabilities, but there are several others a firm should have on hand. Virtual infrastructure operations, disaster recovery services, application management tools, end user computing functions, colocation, and a wide range of others will give you access to the fullest range of options, and better present a solution that’s made specifically for you.

Flexibility

This actually goes hand-in-hand with better tools. It’s one thing to have the tools, but will you be allowed to use them? Check into the company’s user agreements, and look for a company that will allow you to change things up when you need to. A company that offers scalability options is a great start here; when you can buy what you need, when you need it, and then stop paying for it when you don’t need it, it’s a good sign. It doesn’t do much good to have the latest tools if you’re still working from a contract written five years prior.

Value

There’s no doubt that all of these points contribute to the likely success of MSP program management. At the end of the day, however, none of this matters against one key criterion: can we afford them? While there’s certainly a case to be made for even an expensive service if it means more revenue than expense, there’s never a way to spend more than you have. Pricing agreements should be predictable, and again, transparent. While there’s room here for flexibility, especially if scalability options are involved, the rates involved should also be clear.

How Do I Get Started Finding the Right Level of MSP Program Management?

That’s a lot to look for, and finding all of it in one place might be a tall order. One great place to start looking for the best in MSP is with us at Coretelligent. We maintain a staff of over 50, and work with dozens of individual service providers to help make sure you get the very best. Just get in touch with us to get the ball rolling, and get an MSP that can live up to your expectations.

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What You Need to Know About Cybersecurity and Compliance for Financial Services Companies

Financial institutions have always been a target for criminals, from targeted ransomware and poor password security to today’s cybercriminals who are attacking the infrastructure and support of your business. Data breaches and ransomware that affect hundreds of millions of Americans are a regular occurrence — and these attacks can have a devastating impact on the operations and productivity of the host organizations. This is particularly true for financial services companies whose livelihood is determined in part by consumer confidence. Without the proactive support of an IT managed services provider, financial entities can find themselves suffering untold losses that could damage the prospects of the business for years to come.

Security and Compliance Are Interconnected

Ensuring that your operations are fully secure starts with a deep understanding of your data storage and IT infrastructure, and documenting this information can often support your compliance requirements as well. The data stored in and transmitted through your organization is a point of extreme risk, and it can be challenging for even the most tech-savvy business users to fully understand the complexities of the modern data stream. Bringing together internal technology and business teams with external cybersecurity support provides a comprehensive view of the business in the context of the regulatory environment.

Increasing Cybersecurity Regulations

The United States government has been pumping out cybersecurity regulations at an accelerated pace since 2014, with more than 30 laws released in that period alone while the global threat landscape continues to evolve. While provided in an attempt to protect consumers, many of these regulations require intense scrutiny to ensure your organization is fully compliant. Reporting structures continue to burden financial services businesses which can result in lost time and inefficiencies. Each time a new regulation takes effect, businesses must pause and determine the organizational impact and make any required shifts to their infrastructure to remain compliant.

At Coretelligent, we believe that Co-Managed solutions provide the best opportunity for success in today’s fast-paced business world. Your team is empowered to focus on technology innovation while our experts help with cybersecurity and compliance management, infrastructure support and cloud-based storage solutions. Learn more about Coretelligent’s IT service offerings by contacting us at 855-841-5888 today or via email to info@coretelligent.com.

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Is Your Hedge Fund Protected Against Emerging Cybersecurity Threats?

Hedge fund technology leaders are facing a crisis of faith, with national cybersecurity experts proclaiming that “Every investment is at risk“. IT data breaches are reaching astronomical proportions and impacting thousands of organizations each year in the US alone. Even the Securities and Exchange Commission weighed in, noting that investors are facing ongoing cybersecurity risk and creating a special branch of enforcement called the Cyber Unit. Protecting against these threats requires specialized knowledge and an ongoing effort to understand emerging cybersecurity threats and how to combat them, particularly in the financial services and wealth management sector. With so much high-value information at stake, hedge fund managers may find themselves in a situation of continually reviewing new resources in an attempt to cover any vulnerabilities in their operations infrastructure.

Common Cyberattacks Experienced by Hedge Funds
The sheer volume of financial data for high net worth individuals would be enough to make a hedge fund extremely attractive to hackers, creating an unacceptable risk for the entity. Each business entity has its own unique opportunities and challenges, and hedge funds are quite susceptible to three key types of attacks: BEC (Business Email Compromise), ransomware and social engineering.

  • Business Email Compromise attacks, also known as phishing or whaling, often take the form of innocent-seeming email threads with cybercriminals attempting to misdirect funds in the form of fraudulent wire transfers. Identifying these emails as an attack requires ongoing diligence on the part of staff members as well as advanced monitoring and notification solutions.
  • Cybercriminals are becoming quite crafty in their attacks, with financial services firms seeing an increase in social engineered attacks that focus on invalid wiring instructions. Any request for a wire transfer or other large transfer of funds or stock should be well-documented and follow strict procedures, with ongoing education to reduce the risk of errors.
  • Protect your firm from unexpected ramifications by adding stringent standards around how dates are written on checks and other legal documentation. Instead of utilizing a 2-digit year in written date fields, be sure you utilize the full 4-digit date. Dates should be written in this format: MM/DD/YYYY instead of MM/DD/YY to avoid confusion.
  • Financial services and healthcare are particularly vulnerable to ransomware or crypto-mining attacks because this type of threat reduces the ability to access business data or critically important information systems. The impact on the organization is often secondary to the negative impact on customers or partners — specifically in the case of fast-moving financial transactions. IT professionals are often pressured to quickly resolve ransomware attacks, which often means paying the ransom to hackers to regain access to important IT platforms.
  • Social engineering attacks are often considered a “long game” because hackers take the time to get to know their targets — learning enough about a key individual to be able to either break into their accounts by guessing passwords or otherwise infiltrating their systems. Early forms of social attacks involved encouraging individuals to click a link to update their information or to verify details about their work and home life or charitable contributions. This type of nuanced attack can be the most difficult for busy executives to spot, as they are used to simply handling details quickly and moving on as opposed to deeply researching emails to determine if they’re a potential threat.

Finding the right solutions to protect against each of these emerging threats requires a systematic review of current cybersecurity principles as well as creative strategies to reduce the ongoing risk of a data breach or other type of attack.

Protecting your financial services entity starts by working with a partner that has a thorough understanding of the current and future threat landscape. At Coretelligent, our cybersecurity professionals are experts in financial technology and can help you understand how emerging threats could place your hedge fund at risk. From developing situational awareness to improving your security posture, Coretelligent provides comprehensive compliance and cybersecurity solutions for financial services institutions of all sizes. Contact us at 855-841-5888 or via email to info@coretelligent.com to schedule your complimentary, no-obligation consultation.

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Driving Compliance in the Financial Services Industry

Preparing for compliance in the digital age — especially in the financial services sector — is not for the faint of heart. The rapid changes and tech-heavy investments are making it difficult to determine which direction to focus your attention, especially as financial organizations attempt to regain consumer trust in the wake of significant cybersecurity breaches. According to Information Age, data breaches have risen nearly 500% in the financial sector, which is not surprising considering these companies are an extremely lucrative target for hackers. Other studies note that the breach rate for banks alone has tripled over the past five years, causing a ripple effect of poor consumer trust with financial services organizations. With all of these issues nipping at their heels, financial firms are still faced with yet another major challenge: the changing compliance and regulatory landscape.

Budget Cuts in Compliance Departments

Even while compliance is continually evolving, many organizations are seeing budget cuts in their compliance and security departments. This can cause significantly more pressure on technology-led compliance efforts, as financial services organizations attempt to scale their activities and reduce one-off costs. This comes at a time when there is rapid change throughout the compliance landscape, causing a mismatch between internal skills and the ability to execute compliance strategies. While technology tools are often available to help support the work of internal compliance analysts, there may still be space for highly trained individuals to help interpret the signals being delivered by advanced compliance technology tools. Between the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC), it can be challenging to ensure that you are fully compliant with the diverse requirements of these regulatory bodies.

Automation and Compliance

Customer needs are rapidly changing, and with that comes additional burdens on overworked compliance departments. Customers have an expectation that even the chatbots they are talking to will have secure and convenient access to their financial information, a requirement that makes it more difficult than ever for IT teams to maintain data security. As financial services organizations accelerate the launch of new products and services, compliance teams struggle to keep pace with the speed of change and could potentially stumble without adequate support.

Difficulty Retaining Compliance Personnel Pushes Automation Options

With the tight squeeze around budgets, compliance personnel are leaving the financial sector in droves and seeking more lucrative opportunities for growth and advancement. Financial services organizations are finding that they need a different skillset for their compliance personnel today than a few years ago, with the need for deeper technical knowledge driving the shift. The ongoing efforts toward cost reduction and the volatility of the regulatory market in recent years have all contributed to growing frustration within the ranks of compliance personnel.

Protecting your organization from the dangers associated with cybercrime is a prime objective for the professionals at Coretelligent. We work closely with organizations in the financial services sector to ensure you are fully meeting complex, evolving regulatory requirements at all times. We help ensure that you are fully compliant with SOX, FINRA and SEC while also protecting your business systems and customer data in transit and at rest. Our unmatched White Glove service is one of the key reasons we have an exceptional client retention rate. Contact us today by calling 855-841-5888 or via email to info@coretelligent.com to schedule your free initial consultation or to learn more about our cybersecurity offerings for the financial services sector.

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Key Risk and Compliance Challenges Faced by the Life Sciences Sector

Connected devices are fast becoming a vital part of the regulatory compliance landscape for the life sciences sector, as an astonishing amount of data is stored and shared between smaller and more mobile devices. Tracking the data shifting between these platforms and the various access points for consumers, patients or partners has caused an explosion of risk as human-machine interaction — often called Industry 4.0 — dramatically changes the business landscape. While the life sciences sector has lagged a bit in the adoption of these crossover devices, the speed of change is accelerating and causing significant grief to compliance professionals and security officers. Digitization of end-to-end processes, advanced collaboration and connected devices are all trends that are contributing to the transformation of the life sciences sector in the future.

Compliance Modernization

While regulatory compliance exists to ensure that companies all stay within the same guardrails and provide added protection for consumers, these compliance requirements can be a noted disadvantage for unprepared life sciences organizations. Modernization of the compliance systems allows the life sciences sector to maintain adequate compliance reporting and adherence without taking on a great deal of manual overhead. Introducing next-generation tools for compliance and reporting are helping life sciences entities meet the growing expectations of the market in a thoughtful way as opposed to scrambling to meet the latest challenges.

A few of the key compliance considerations include:

  • Electronic document and eSignature control, according to FDA 21 CFR Part 11.
  • File compliance and sharing, including version control and the creation of sophisticated audit trails as well as roles and permissions of individuals able to access the information.
  • Support for HIPAA and HITECH
  • Secure 3rd party relationships with CROs (Contract Research Organizations) and others, as well as protection for data at rest and in transit.

Collaboration with Industry Regulators

One positive trend in the life sciences sector is the increased collaboration between industry and regulators, providing proactive organizations with a way to bring their products to market more quickly than ever before. This push towards a joint approach to compliance and regulation is made possible by the maturation of software tools that offer active reporting that is flexible, vetted and well-trusted by industry regulators. It’s expected that this trend will continue as compliance requirements eventually become better understood and more formulaic for entities to adopt.

Data Breach Preparedness

Maintaining compliance requires a high degree of preparation for the digital future, and that includes a highly responsive cybersecurity strategy that can quickly adapt to protect against evolving threats. Hackers are continually becoming more advanced, launching attacks at unsuspecting personnel and utilizing social media to glean sensitive business details that can be used in phishing attacks. Each attack has the potential to bring ruin to a life sciences organization through lost revenue, reduced customer trust and the costs associated with remediation and communication efforts.

It’s not difficult to see the value of strict compliance in the life sciences sector. With the wealth of protected health information and competitive research, these organizations are a key target for cybercriminals. With increasing scrutiny from regulatory agencies, it’s vital that life sciences companies regularly review their risk profiles and create a heightened sense of urgency around compliance. The cybersecurity professionals at Coretelligent can work closely with your team to ensure you are fully up-to-date with the latest regulatory requirements, limiting risk and protecting digital assets. Contact Coretelligent today at 855-841-5888 or via email to info@coretelligent.com to schedule your free initial consultation or to learn more about our core cybersecurity and regulatory compliance solutions.

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Are You Prepared to Defend Against Next-Level SIM Swapping Attacks?

With plenty of time on their hands, today’s cybercriminals are getting quite creative in their hacks. One of the most incredibly specific attacks that can net a hacker a massive payday is a SIM swapping attack. This type of attack recently cost a Bitcoin investor $24 million in losses when their SIM was “borrowed” by cybercriminals bent on gaining unlawful access to his Bitcoin account. What’s worse is that this wasn’t just any ordinary investor, this was a tech-savvy individual who rated their personal cybersecurity preparedness as a 9.8 out of 10 — someone who was taking all the known measures to stay safe online. Here is what you need to know to defend against this highly-specialized form of cyberattack.

How Does SIM Swapping Work?

Think about it: your cell phone is the heart of nearly everything you do and is used as your primary login feature for everything from your Twitter account to your online banking or investments and grocery shopping. This is one of the reasons that telecom carriers are so adamant about determining your identity before allowing any changes on your account — they know exactly the level of havoc unauthorized users can cause to your life. Google, Microsoft and other major software vendors tie your online account information tightly to your phone number, but what happens when your phone-based identity is transferred to another SIM card?

SIM cards, also known as Subscriber Identity Modules, are a tiny piece of plastic that provides a unique ID connecting you to your mobile network of choice. You probably only think about SIM cards when you are activating a new cell phone or swapping devices with family members. SIM swapping works when someone is able to fraudulently identify themselves as another individual and convince a telecommunications carrier that a change is authorized. Once the hacker has activated a new SIM on their personal device, they have the keys to the kingdom in terms of your personal email accounts, text message access that can be used to reset passwords and more. The hacker has no need to store your physical device, which makes this a particularly devilish hack.

Protecting Against SIM Swapping Attacks

Proactive security is always best, but you may be feeling overly comfortable with your standard two-factor authentication because it can be quickly overridden by cybercriminals. SIM card scams are often used to take over social media accounts, posting inappropriate content from celebrities. Michael Terpin, the individual who lost nearly $24 million in a single day due to a SIM swapping attack, is currently suing AT&T for nearly 10 times the amount he lost and claiming that the telco giant allegedly tolerated insider criminal activity. A few of the steps that can help protect your account against this type of intrusion include:

  • Stay aware of potential phishing scams, avoiding fake login screens and websites that don’t look legitimate
  • Restrict the personal information that is posted online as this can be skimmed so hackers can pass as you over the phone or online
  • Add two-factor authentication that relies on a physical device, or create a PIN that must be used to make a change with cell phone carriers
  • Create complex, randomized passwords or use a password vault

While no one can reduce the threat of cyberattack to zero, taking these actions will provide an added layer of protection to your online accounts and information. Want to learn more about cybersecurity for your business? These are some of the best practices that our Coretelligent team shares on a regular basis on our blog and the value that we bring to our clients on an everyday basis. Contact us today by calling 855-841-5888 or via email to info@coretelligent.com to claim your free initial consultation.

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Are You Prepared for the Cybersecurity & Compliance Challenges Facing Pharmaceutical Companies?

Stakes are increasingly high in the pharmaceutical industry, but the key challenges aren’t necessarily coming from competitors. Instead, cybersecurity issues are the overreaching concern for pharma executives. The complexity of the data integrations between pharmaceutical industries, their vendors and partners have caused significant concerns in recent years, especially after recent incursions such as phishing campaigns more than doubling in the past year. Businesses are required to fend off an average of 71 attacks per year, meaning it’s only a matter of time before your organization falls prey to a cyberattack. With the rise of connected devices and the high value of intellectual property on the dark web, there’s more reason than ever for hackers to target vulnerable pharmaceutical businesses. As if cyberattacks are not enough, compliance issues continue to be a significant expense to pharmaceutical firms. Are you prepared to handle the onslaught of targeted compliance and security difficulties facing your business?

Pharmaceutical Industry Regulations Continue to Increase

Manipulation of information technology and operations systems is causing an avalanche of problems for the pharmaceutical industry, many of which are resulting in ongoing regulations and compliance requirements. Data integrity and security are of the utmost importance, especially as states begin the arduous process of legislating data security for all Americans. HIPAA privacy policies are well-understood by most organizations, but the addition of the new Internet of Things (IoT) and other connected devices can cause unexpected risks to enter the organization.

Putting Appropriate Defense Measures in Place

The growth of cyberattacks that are initiated from within the organization is a chilling prospect for technology leaders in the pharmaceutical industry. This trend requires not only the introduction of advanced technology security solutions but ongoing training for staff members on how to avoid becoming the victim of an attack. Companies may need to fundamentally change the way they do business in order to limit their risk factors as hackers see the extreme gains that they can recognize from their illicit activities. They target the wealth of IP, personal health details and other account-based information stored within a pharmaceutical business and sell that information on the black market. It’s no longer enough to have a single line of defense — organizations must also create strict processes and maintain high standards to keep their business safe.

At Coretelligent, our experts specialize in providing high-quality support that pharmaceutical firms demand. Our team has invested the time to understand the challenges facing the pharmaceutical industry today fully, and our technology solutions are tailored to provide the insight and protection that your business needs. Contact us today at 855-841-5888 or fill out our quick online form for a free initial consultation to see how we can leverage our industry knowledge to provide you with the most stringent security and compliance support. Our White Glove support provides you the peace of mind you need to focus on growing your business while our team handles your infrastructure, compliance and cybersecurity.

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Are Life Sciences Companies Suffering From a Data Security Deficiency?

Many businesses capture, manage and store sensitive data, but few have to worry about the extreme compliance issues required in the world of life sciences. Studies show that the cost of breaches easily tops $3.86 million in 2018 — at the cost of approximately $148 per individual record compromised. However, the primary cause of these biotech and pharmaceutical data breaches might surprise you — the vast majority of all breaches come as the result of phishing attacks. This stark trend insinuates that keeping your internal security in order is every bit as important as ensuring that your firewalls and other external security mechanisms are working properly. Here are a few suggestions from the experts at Coretelligent on keeping your protected health information and intellectual property data safe from internal and external threats.

Monitor Sensitive Data in Physical and Digital Form

There are likely terabytes of data being stored within your organization that may no longer be needed. This information is not benefiting your life sciences business, but it does represent an unnecessary risk that is also a temptation for criminals. Putting in place a strategy that actively reviews and deletes vital information that is no longer viable or needed can help reduce the risk to your organization. An audit of physical and digital information and access points helps form the basis for your cybersecurity strategies in the future.

IoT Security is Imperative

There are millions of connected devices in life sciences, each with the potential to become weaponized by hackers or malicious internal users. Everything from laptops to wearables are a potential threat to your network and the billions of data points that you store. Your WiFi network is an essential element of your security infrastructure, and how each of these devices are managed within that network is of the utmost importance. Be sure patches are applied as soon as they become available, as these are some of the exploits that cybercriminals look for regularly.

Schedule Frequent User Training Sessions

The majority of users are going about their daily work and not planning to take malicious action. However, these well-meaning professionals can be just as dangerous to the security of your sensitive information as a hacker. Helping your users understand the consequences of clicking on an ad or taking action based on a fraudulent email can help protect your biotechnology or pharmaceutical business from disaster.

Regularly Review and Upgrade Perimeter Security

Your business network is protected from external forces by the thinnest of margins: firewalls and antivirus software, anti-malware and more. Safeguarding your network involves not only reviewing and upgrading your perimeter security but also keeping a close watch on how your data is passed between vendors and other information partners. Each data connection should be considered an extension of your data perimeter and should be carefully reviewed.

The cost of breaches continues to rise while consumer confidence in data security remains low, a damaging prospect for organizations in the life sciences sector. The professionals at Coretelligent work with high-risk entities to ensure that your data and business systems are secure from internal and external pressures. Contact us today at 855-841-5888 or via email to info@coretelligent.com for more information on how we can support your security needs as well as help improve infrastructure and boost productivity for your business.

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Cybersecurity Risk Factors for Biotech Companies

The thought of a data breach or other type of cyberattack is enough to keep technology and business professionals up at night, especially if you work for a biotech or other healthcare organization. The data that is stored and utilized by your organization on a daily basis is extremely valuable — not just on the dark web, where you would find personal information — but to your competitors. The potential loss of intellectual property could be staggering to a business, and allow competitors to expand their reach or shift the balance of power in your industry. Biotech firms utilize a large number of connected devices, forming a vast web of information that may be lacking in security at its most basic level.

Protecting Your Connected Devices

Just last week, it surfaced that potentially 2 billion connected devices could be at risk due to 11 vulnerabilities that were found in their operating systems. Six of these threats were considered critical, leading to a wave of publicity around the URGENT/11 security flaws that would allow a complete remote takeover of a device. There were three attack scenarios defined, and some of the devices that were affected at an OS level were within firewalls that were created to keep organizations safe. The thought that attackers can strike at the most humble or complex connected device is a sobering one, especially when you consider the vast scale of this set of threats.

Ensuring Data Security and Compliance

Protecting your data both at rest and while it is in motion are two separate requirements, and data compliance with government regulations adds yet another layer of complexity. Cybercriminals are attentive for any opportunity to hijack vital healthcare information, especially if there’s a possibility that this personally or corporately sensitive data could be sold to the highest bidder. Data compliance is yet another cybersecurity risk for biotech firms, due to the sensitive nature of the personal and healthcare-related information that is being captured and accessed throughout the organization. It’s imperative that you continually review access levels to data and stay up-to-date with the latest patches and security measures on your infrastructure to reduce the possibility of an attack.

Data Connections Are A Point of Vulnerability

While gathering data from partner organizations and working directly with third-party vendors is often a part of life for biotech firms, this could be one of the weakest links in your cybersecurity armor. When you share data with another business, you are trusting that they apply the same — or greater — level of security that you employ in your business. If your partner doesn’t complete the simple tasks such as applying patches in a timely manner, there’s a good possibility that your data could be compromised through no fault of your own. Unfortunately, this risk potential will almost certainly cause some loss to your organization, whether you lose data in an IP grab or lose credibility in the eyes of your customers due to a connected breach.

Cybersecurity and risk management are often cited as two of the greatest challenges for healthcare and biotech companies today, as smaller organizations are not always able to keep track of the required governance and compliance data required by the government. The security and technical professionals at Coretelligent have been working with heavily-regulated organizations such as biotech and pharmaceuticals and understand the steep learning curve associated with this type of work. Contact us today at 855-841-5888 or via email to info@coretelligent.com to learn more about how we can address your core challenges.

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