Market Trends of Healthcare Cyber Security Industry
This section covers the major market trends shaping the Healthcare Cyber Security Market according to our research experts:
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 to contain 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, medical devices are connected to mobile devices, such as smartphones 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.
- In 2021, a Monongalia Health System in West Virginia suffered a data breach from a phishing attack, giving hackers access to several email accounts in the hospital. 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 and enhance the need for healthcare cybersecurity in hospitals.
- The lack of dedicated IT professionals and a cybersecurity division in medical organizations drive several hospitals and healthcare organizations to prefer cloud-based cybersecurity solutions. Many healthcare organizations and hospitals globally lack the required IT infrastructure to establish an in-house cybersecurity division, and the demand for cloud-based cybersecurity services is expected to increase rapidly.
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North America to Dominate the Market
- The North American region dominated the Healthcare Cybersecurity market. This is primarily due to the factors such as the presence of major players along with several emerging startups in the region, presence of highly developed medical and healthcare infrastructure, high spending on healthcare information technology, the proliferation of cloud-based solutions, increasing sophistication and frequency of cyberattacks, and emergence of disruptive digital technologies.
- The growing demand for cloud-based security solutions in the healthcare industry is driven by the fact that they lower data management costs and increase efficiency, as well as by a sharp increase in healthcare data breaches. Additionally, the sector's value will be stimulated by the expanding use of IoT devices and cloud-based security services for storage. The market demand will also be further fueled by growing government attempts to protect digital healthcare services in this region.
- 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. Government regulations ensure steady growth in the penetration rates of cybersecurity solutions in the country's healthcare sector. For instance, the U.S. government established the Health Insurance Portability and Accountability Act (HIPAA) to encourage healthcare institutions to keep healthcare data private and secret. Such factors will contribute to the growth of the healthcare cyber security market in this region in the coming years.
- The growth of digital transformation of data, healthcare processes, awareness, and ease of usage of mobiles created a demand for health, thereby increasing online platforms' use builds up possibilities for data theft. Hundreds of healthcare facilities in the United States were attacked in 2020 and 2021. Sophos states that 66 percent of healthcare organizations were hit by ransomware attacks last year, which is 34 percent up to 2020. It increased the demand for the healthcare cybersecurity market in this region.
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