Driven by a fast-paced digital transformation of the healthcare industry worldwide, the healthcare cybersecurity market is slated to grow into a highly lucrative investment avenue over the forthcoming years. The rapid adoption of digital technologies by healthcare providers, while being extremely beneficial to the industry, brings along its own set of concerns such as cyberthreats, wherein a system’s vulnerabilities are exploited by malicious entities to steal or damage data for financial gain.
Reportedly, data breaches cost the healthcare industry over $5.6 billion on an annual basis. As a consequence, several healthcare organizations across the world have started giving significant importance to their respective digital security requirements, enabling healthcare cybersecurity market to be the recipient of substantial growth prospects. A considerable thrust to the industry is projected to come from two specific factors, the migration to the cloud and the increasing frequency of ransomware attacks.
Healthcare Cybersecurity Market Size was valued at USD 8.2 billion in 2018 and is expected to witness 19.1% CAGR from 2019 to 2025.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
3. Fortified Health Security
8. Palo Alto Networks
- Trend Micro Incorporated
It has been observed that several healthcare organizations are increasingly migrating their respective data reserves to the cloud. Factors expediting this migration are the several financial and operational benefits cloud networks are bringing to healthcare professionals and patients alike.
The Problem: The problem arises when healthcare organizations, unaware or ill-informed of the perils associated with cloud networks, make the move towards cloud migration while not being prepared to do so. The nature of the process is such that organizations have to plan several steps ahead than potential attackers if they are to successfully keep the data on their cloud safe and ensure smooth operation of their services.
The Numbers: Cyberattacks on healthcare organizations have primarily been driven by the high price of stolen healthcare records, approximately $50 per file on an average in black markets, requiring most healthcare cloud services to be specifically low risk. However, according to a survey conducted by McAfee, approximately 93% of healthcare cloud services are medium to high risk, which makes getting these records significantly easier for malicious entities. In fact, over the past year more than 94 million healthcare records have been exposed to cyberattacks.
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The Projection: Evidently, there is a massive gap in cybersecurity that is in considerable need for immediate rectification. An average healthcare organization uploads over 6.8 TB of data on a monthly basis and yet, only 15.4% services have multi-factor authentication support, an essential measure of preventing breaches. As companies work to address these concerns, the healthcare cybersecurity market is poised to experience approximately 20% CAGR from cloud-based deployment over 2019-2025.
Impact of the growing threat of ransomware on the healthcare cybersecurity market
One of the biggest threats to the digital way of life is the increasing threat of ransomwares. Designed to take away something without authorization and leverage its importance to extract financial gains, ransomwares have been targeting a number of healthcare organizations recently.
The Prominence: According to the Center for Internet Security, owing to the simplicity of its intended tasks and the ease with which they can be introduced into a network, ransomwares are fast becoming the preferred method of attack among attackers. A 2018 Data Breach Investigation Report unveiled by Verizon found that ransomware is the most commonly used malware, accounting for 39% of malware-driven data breaches. Moreover, it was also discovered that ransomwares have a particular inclination towards healthcare, accounting for 85% of all malwares targeting the industry.
The Numbers: The impact of ransomwares is rapidly escalating, and in 2018 the now infamous WannaCry ransomware attack cost the UK’s National Health Service an estimated £92 million, as it caused over 200,000 computers to lock out their operators, demanding a payment in bitcoins to give the control back. It also threatened affected around 19,000 patients when it cancelled their doctor’s appointment.
The Projection: Today, platforms such as ransomware as a service (RaaS) enable launching cyberattacks with no technical knowledge or skills, affirming that the threat posed by ransomware attacks is further magnified. The readily available nature of the malware could be the exact reason for the healthcare cybersecurity industry to direct a majority of its focus towards detecting and preventing ransomware attacks, further expanding the industry potential.
Fueled by the rising threat from ransomwares and other security concerns, the healthcare cybersecurity industry is anticipated to rake in substantial business growth over the coming years. In fact, estimates claim that healthcare cybersecurity market size is forecast to exceed the $27 billion renumeration mark by 2025.