2024 Data Exposure Report: Life Sciences Sector Using AI to Fill Skills Gap
July 16 2024 - 9:00AM
Code42 Software, Inc., the leader in data loss and insider threat
protection, today released its 2024 Annual Data Exposure Report
(DER): Life Sciences Sector. The report highlights a significant
trend: 73% of Life Sciences companies are turning to artificial
intelligence (AI) to address the cybersecurity skills gap,
surpassing adoption rates in other industries.
Underresourced security teams are facing increasing
insider-driven data loss events, which are exacerbated by emerging
technologies like AI and Generative AI (GenAI). Leaked trade
secrets or critical intellectual property (IP) – research data,
customer lists, pricing decks, formulary plans, clinical trial
data, and source code – can derail Life Sciences organizations.
Data is the lifeblood of cutting-edge companies in this sector, and
any leak or loss can result in lost opportunities, reputational
damage, and even potential HIPAA violations.
“Life Sciences cybersecurity teams are walking a
tightrope with AI,” said Joe Payne, President and CEO of Code42.
“AI is a powerful ally in combating skill shortages and rising
insider threats, while also paving new pathways for innovation.
However, as quickly as teams are adopting this new technology, they
must be just as quick to set guardrails for protecting IP. By
adopting tools and programs to secure the usage of AI tools, teams
in the Life Sciences can take advantage of cutting-edge technology
while ensuring their data isn't leaked through tools like
ChatGPT.”
Key findings from the report include:
- 78% of companies report an increase in
time spent investigating data incidents year over year.
- 83% of cybersecurity managers are
looking to AI, and 92% to GenAI, specifically, to help them
automate detection and response so that they can focus on
higher-level strategic tasks.
- 86% of cybersecurity leaders have
admitted that the usage of AI tools does put their company at risk
of data exfiltration.
- 50% of data loss incidents are
malicious, with risk severity evenly split between low, medium, and
high.
- Daily data security training has
increased from 11% in 2021 to 27% in 2024.
- 97% of Life Sciences organizations
believe their data security training programs need improvement,
with 48% calling for a complete overhaul.
The results reveal that the Life Sciences sector is
at the forefront of artificial intelligence utilization, with AI
tools presenting new opportunities for cybersecurity teams to
enable automated detection and response, as well as freeing up the
resources to concentrate on strategic tasks. To successfully
harness the power of AI without inviting additional risks,
organizations must implement robust solutions that detect,
prioritize, and respond to incidents while minimizing overall
insider-driven risk.
For the full report and methodology visit
https://www.code42.com/resources/reports/2024-data-exposure-life-sciences.
Methodology
Code42 commissioned independent market research
agency Vanson Bourne to conduct the Data Exposure Research. The
2024 study surveyed 700 respondents (300 cybersecurity
practitioners, 200 cybersecurity managers and 200 cybersecurity
leaders) from companies headquartered in the US from December 2023
to January 2024. These companies had 500 or more employees and were
from a range of public and private sectors, including automotive
and aerospace/manufacturing, business and professional services,
energy, oil/gas and utilities, technology, and pharmaceutical and
life sciences/biotechnology, among other sectors. Of those
participants, 144 were part of the Life Sciences/biotechnology
sector.
Additional Resources
- Read Code42’s 2024 Annual Data
Exposure Report
- Meet us at Black Hat 2024 at Booth
1069
- Visit our Incydr and Instructor
product pages
- Join the conversation with Code42 on
our blog, LinkedIn, X (Twitter), and YouTube
About Code42
Code42 is the leader in data loss and insider
threat protection. Native to the cloud, Code42® Incydr™ data
protection rapidly detects data exposure, loss, leak, and theft and
speeds incident response – all without lengthy deployments, complex
policy management, or disrupting employee productivity. The
solution offers a complete range of response solutions, including
automated microlearning modules for accidental non-malicious risk,
case management for efficient investigation collaboration, and
automated blocking for the highest-risk use cases. Code42’s IRM
Program Launchpad helps organizations get up and running quickly to
ensure success and return on investment.
With Code42, security professionals can protect
corporate data and reduce data loss from insiders while fostering
an open and collaborative culture for employees. Innovative
organizations, including the fastest-growing security companies,
rely on Code42 to safeguard their ideas. Code42’s data protection
solution is FEDRAMP-authorized and can be configured for GDPR,
HIPAA, PCI, and other compliance frameworks. Founded in 2001, the
company is headquartered in Minneapolis, Minnesota, and backed by
Accel Partners, JMI Equity, NewView Capital, and Split Rock
Partners. Code42 has played a defining role in developing a vision
and requirements for the IRM category and is a founding member of
the Insider Risk Community.
The Company has several offices across the United
States, and its clients include the most recognizable security,
technology, manufacturing, and life sciences organizations, such as
CrowdStrike, Okta, Lyft, BAYADA Home Health Care, Rakuten, Sumo
Logic, MacDonald-Miller, MACOM, Ping Identity, Shape Technologies,
and Snowflake.© 2024 Code42 Software, Inc. All rights reserved.
Code42 and Incydr are trademarks or registered trademarks of Code42
Software, Inc. in the United States and other countries. All other
marks are properties of their respective owners.
Contact
Offleash PR for Code42 Code42@offleashpr.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/eaa57c7a-8554-44cc-a0e2-0aed69d86e68