Cyberbiosecurity represents the convergence of cybersecurity, cyber-physical security, and biosecurity. Cybersecurity is crucial to safeguard bio economy of a country and cyberbiosecurity breaches can directly impact patients in various ways – from compromised data privacy to disruption in production and distribution. This can significantly impact a region’s ability to fight and respond to large-scale biological events such as epidemics and pandemics. Growing need to strengthen cybersecurity for safe and effective production of biopharmaceuticals, rising awareness regarding importance of cyberbiosafety and resultant rise in investment to develop robust solutions, and increasing focus on assessing emerging cybersecurity risks in biopharmaceutical sector are some key factors expected to drive market revenue growth over the forecast period.
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Cyberbiosecurity is an emerging and nascent disciple that addresses the educational and workforce gap between cyber-physical systems, cybersecurity, and biosecurity. Rapid digitization of biotechnology sector has further accelerated research into cyberbiosecurity. Integration of artificial intelligence, automation, and other advanced digital technologies have digitized the information and handling mechanisms of biological materials which have increased vulnerabilities of research and healthcare institutions more vulnerable to threats at the digital interface and this has further boosted need for cyberbiosecurity. Increasing collaborations to develop frameworks for early response system to identify and mitigate cyberattacks across biopharmaceutical domain is another factor expected to drive market revenue growth going ahead.
COVID-19 Impact Analysis
• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines
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Ransomware Attack Type Segment to Register Significant Revenue Growth:
Ransomware attack segment is expected to register significant revenue growth over the forecast period attributable to growing incidence of ransomware attacks on vaccine manufacturers, supply chain companies, and biomedical research firms due to availability of significant sensitive information. Ransomware attacks incur significant damages to the organizations and are considered as one of the most dangerous cyberattacks for healthcare organizations.