Healthcare Cyber Security Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022
The Healthcare Cyber Security Market registered a CAGR of 19. 9% over the forecast period 2022 - 2027. While cyber-attacks are the principal factor amongst the drivers of growth in the healthcare cybersecurity market, data breaches might be in the run.
New York, March 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06246213/?utm_source=GNW
The increasing number of healthcare institutions are expected to take to these cybersecurity solutions to protect patient data. Due to digital transformation, the healthcare industry is witnessing a shift in the operational process of information security.
Key Highlights
As connected technology becomes even more rooted in healthcare, cyber threats are expected to increase. So, this cyber threat is driving the market, along with the other factors, such as increasing demand for cloud services and low penetration of the information security systems in the healthcare sector. Smartphones are still the primary device for physician and patient communication. One of the primary reasons for healthcare mobile adoption is standards and laws set by the US Centers for Medicare and Medicaid Services (CMS). Electronic health records are one of the prominent data sought by attackers.
The latest developments in the healthcare sector, such as the deployment of the Internet of Medical Things (IoMT) devices, not only opened the door for improved patient care but also increased potential threats. Embedded devices, such as pacemakers, also pose a threat to patient health, as they use radio or network technology. Moreover, the rise in patent infringement cases, business records, medical identity fraud, and loss of patient health records are expected to boost the healthcare cybersecurity market during the forecast period of 2015 to 2023. However, a lack of awareness about cybersecurity related to the healthcare industry would act as a restraining factor, thereby hampering the growth of the healthcare cybersecurity market.
According to Cyber Peace Institute, over 10 million records have been stolen, of every type, such as social security numbers, patient medical records, financial data, HIV test results, and the private details of medical donors. On average, around 155,000 records are breached during attacks on the sector, and this number can be far higher, with some incidents reporting a breach of over 3 million records.
Further, Palo Alto Networks analyzed more than 200,000 medical infusions pumped on networks of hospitals and other healthcare organizations and discovered that around 75% are affected by known vulnerabilities that could be exploited by attackers.
With the onset of the COVID-19 crisis in 2020, there was increased attention on cyberattacks in the healthcare space. A study by Comparitech has shown that ransomware attacks had a huge financial impact on the healthcare sector, with over USD 20 billion lost in an impacted revenue, lawsuits, and ransom paid in the year 2020 alone. Over the course of the year, over 600 hospitals, clinics, and other healthcare organizations were impacted by 92 ransomware attacks.
Key Market Trends
Hospitals to Drive the Healthcare Cyber Security Market
Hospitals are vulnerable to cyber-attacks because the existing tech systems are becoming increasingly complicated. Hospital staff relies on mobile devices, along with monitoring equipment. They are also responsible for the collection of personal details of their patients, including social security numbers, medicines they are taking, and credit card information. This makes them a primary target of attackers.
Over half of Internet of Things (IoT) devices in hospital settings were found containing critical cybersecurity vulnerabilities, according to the 2022 State of Healthcare IoT Device Security report from Cynerio. According to a security report, one-third of bedside IoT healthcare devices contain critical cyber risks. Around 79% of hospital IoT devices are used at least monthly, which narrows the amount of time available to patch the vulnerability. Such instances are expected to cater to the demand for cybersecurity solutions.
To address the issue of cybersecurity, contactless and RFID readers are being used for physical and logical control access applications. For instance, ELATEC readers are used for securing print management and other healthcare ecosystem applications. Nowadays, connected medical devices outnumber mobile devices, such as mobile phones and laptops. They play a significant role in the delivery of care and operational efficiency, but on the other hand, each connected device also opens the door to a malicious cyberattack.
The lack of dedicated IT professionals and a cybersecurity division in medical organizations is driving several hospitals and healthcare organizations to prefer cloud-based cybersecurity solutions. As most of the healthcare organizations and hospitals globally lack the required IT infrastructure to establish an in-hose cybersecurity division, the demand for cloud-based cyber-security services is expected to increase rapidly over the forecast period.
In 2021, a Monongalia Health System in West Virginia had suffered a data breach from a phishing attack, giving hackers access to several email accounts in the hospital. Monongalia Health System. The hospital discovered the incident in July 2021. After investigations, it found that unauthorized individuals had accessed a contractor’s email account and sent emails attempting to obtain funds from Mon Health via fraudulent wire transfers. Such incidents could be an example of a weak cybersecurity policy.
North America to Dominate the Market
The healthcare industry is one of the most regulated industries in the United States due to privacy and security concerns associated with digital patient records. Regulations, such as Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act, are ensuring steady growth in the penetration rates of cybersecurity solutions in the country’s healthcare sector.
Hundreds of healthcare facilities in the United States were attacked in 2020 and 2021. According to the Wall Street Journal, the criminal gang named Ryuk, with ties to Russian government security services, was responsible for one-third of the US ransomware attacks in 2020. Since 2018, Ryuk has hit at least 235 general hospitals and inpatient psychiatric facilities, along with dozens of other US health care organizations.
The US boasts an average of?10 to 15 networked medical devices per hospital bed, meaning large healthcare organizations face the difficult task of securing tens of thousands of medical devices, many of which are?quite easy to hack. The digitization of healthcare infrastructure contributed to major inpatient care advancements and created major opportunities for attack.
In December 2021, the Department of Health and Human Services launched a new cybersecurity resource website aimed at helping healthcare and public sector entities of all sizes and types better deal with the ever-evolving cyber threat landscape. The new HHS 405(d) Aligning Health Care Industry Security Approaches Program website was co-developed by HHS with its 405(d) Task Group.
In March 2021, a United Nations (UN) working group open to all member states took the historic and much-needed step to agree on online expectations for responsible nation-state behavior. It recognizes a need to protect healthcare from cyberattacks, including medical services and facilities. Amid the ongoing global pandemic, such attacks have targeted hospitals and health care organizations across the United States and organizations worldwide.
Competitive Landscape
The Healthcare Cyber Security Market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Companies working in this space are spending abundantly on research and development. Business strategies such as collaboration, joint ventures, and mergers and acquisitions have allowed firms to stay competitive in the market. Many organizations believe in upgrading their current portfolio to attract their customers. In order to achieve an extremely sought-after competitive advantage, firms are looking at the solutions offered by Healthcare Cyber Security companies.
November 2021 - With its plan to purchase ReaQta, a Dutch cybersecurity threat detection and response company, IBM Security announced an extension of its cybersecurity threat detection and response capabilities. Endpoint security solutions from ReaQta are meant to use artificial intelligence (AI) to identify and control threats while staying invisible to attackers automatically. This deal will strengthen IBM’s position in the extended detection and response (XDR) industry, consistent with the company’s aim of providing security through an open approach that spans diverse technologies, data, and hybrid cloud settings.
June 2021 - Device Authority, a global leader in the Internet of Things (IoT) identity and access management (IAM), and Medigate, a healthcare-focused IoT device security and asset management firm, announced cooperation to secure the Internet of Medical Things (IoMT). This alliance gives Healthcare Delivery Organizations (HDOs) vital new integrated capabilities, whether it’s to increase IoMT cybersecurity or directly address other concerns.
February 2021 - Trend Micro launched its new Trend Micro Vision One extended detection and response (XDR) platform to help security teams to see more and respond faster. Vision One includes visibility and threat intelligence (supported by Trend Micro Research insights), native integrations with the Trend Micro security stack, API integrations with third-party products (including Fortinet, Microsoft Sentinel, and Splunk), and simplified policy-driven management from a single console.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06246213/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
Gloss