1. Market Research
  2. > Healthcare Market Trends
Healthcare Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Healthcare Cyber Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • March 2022
  • 184 pages
  • ID: 6246213
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

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. 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

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Craniomaxillofacial (CMF) Devices And Equipment Global Market Opportunities And Strategies To 2031

  • $ 5000
  • July 2022
  • 324 pages

Craniomaxillofacial (CMF) Devices And Equipment Global Market Opportunities And Strategies To 2031 provides the strategists; marketers and senior management with the critical information they need to assess ...

  • World
  • APAC
  • Healthcare
  • Industry analysis
  • Gross Domestic Product Per Capita
  • Health Expenditure

ref:plp2022

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on