Market Trends of Hardware Firewall Industry
Healthcare Industry to be the Fastest Growing End User
- Over the past few years, the healthcare sector has become a target of significant interest among cyber criminals. Due to its generation of valuable data, healthcare has recently become vulnerable to cyber-attacks. As per a HIPAA Journal report, healthcare institutions had 56 data breaches of 500 or more records in 2021. Moreover, the report also stated that the number of records exposed or impermissibly disclosed increased by approximately 24.5%, and data breaches left 2.95 million records exposed or impermissibly disclosed as of December 2021.
- With the outbreak of the COVID-19 pandemic, hackers vastly evolved their tactics to exploit the fears escalating amongst the population. This has spurred the need to adopt cybersecurity practices to keep pace with changing threats, especially in healthcare.
- In December 2022, Palo Alto Networks announced the launch of its new Medical IoT Security offering, an add-on to its core firewall products designed to provide improved visibility, automated monitoring, and more for hitherto vulnerable healthcare IoT frameworks.
Healthcare firewalls must be more comprehensive than firewalls in other sectors because of the value of EHRs and clinical data and the numerous ways hackers can gain unauthorized access to the network. Healthcare organizations use more than just computers and smartphones to access the network. Connected medical devices are Wi-Fi enabled and use the network to accumulate patient data and monitor health. - Following a public call asking governments worldwide to join forces with the private sector and academia to make sure that medical facilities are protected from cyber threats. Various collaborations have been taking place in the industry. For instance, in March 2022, the United States Parliament Senators introduced the Healthcare Cybersecurity Act. The Act aims to promote collaboration between Cybersecurity and Infrastructure Security Agency (CISA) and HHS to enhance cybersecurity efforts across the healthcare and public health sector. As per Identity Theft Resource Center, although the number of data compromises in the healthcare sector has reduced since 2019, it has witnessed a rise during the last two years.
- As part of their ongoing efforts to help healthcare organizations prevent cyberattacks, the FBI and Cybersecurity and Infrastructure Security Agency released a new cybersecurity advisory (CSA) warning health IT leaders about a recent ransomware threat called Zeppelin. From 2019 through at least June 2022, malicious actors have used Zeppelin malware to target a variety of businesses and critical infrastructure organizations, especially healthcare organizations.
- According to the CSA, cyberattackers access healthcare organizations' networks via RDP exploitation, exploiting SonicWall firewall vulnerabilities and phishing campaigns. Electronic Health Records (EHRs), online patient portals, and other digital systems used in the healthcare industry need security measures to prevent unauthorized access to data breaches, thus boosting the demand for hardware firewalls.
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North America is Expected to Hold Major Market Share
- North America is one of the most technologically developed regions. The rising technology adoption will result in important changes in the coming years. Some key technological advancements that have the prime potential to alter civilization include robotics, sensor technology, big data, and artificial intelligence, resulting in a vast amount of data generation that further needs enhanced data security.
- Moreover, cybersecurity has become an increasingly important area of focus in the United States in recent years due to the surge in the total count of cyber threats and attacks that organizations and individuals face. As per Identity Theft Resource Center, in 2022, the total number of data compromises in the United States stood at around 1802 cases. Meanwhile, over 422 million individuals were greatly affected in 2022 by data compromises, including leakage, data breaches, and exposure.
- The market is witnessing mergers, acquisitions, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications. Moreover, significant initiatives have been taken by the government, especially to secure the country against cyberattacks.
- For instance, in March 2023, The White House released its National Cybersecurity Strategy especially to establish an affirmative vision for a more secure cyberspace that creates opportunities to achieve collective aspirations. The National Cybersecurity Strategy calls for two key fundamental shifts: realigning incentives to favor long-term investments and rebalancing the responsibility to defend cyberspace.
- Thus, a rise in such market activities involving mergers, acquisitions, investments, and government initiatives related to cybersecurity is anticipated to drive the demand for network security solutions within the region throughout the forecast period.
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