A cyber security strategy protects healthcare providers’ networks, systems, and programs from cyber attacks. Cyber security for healthcare encompasses a wide range of software that aids in the protection of patient and healthcare-related data against cyber-attacks. Over the last few years, healthcare institutions have seen an upsurge in data breaches. Cyber security is being improved thanks to advanced technology.
Cyber attacks and breaches in healthcare organizations have altered the Cybersecurity in the Medical Industry market. The global Cybersecurity in Medical Industry market size was valued at USD 12,003 Million in 2020, expanding at a CAGR of 17.7% during the forecast period of 2021 to 2027.
Cybersecurity in the Medical Industry market is expected to grow during the forecast period due to major factors such as an increase in cybercrime, an increase in the healthcare sector’s budget, increased awareness about Cybersecurity in the Medical Industry sectors. While cyber-attacks are the primary driver of growth, data breaches may be on the horizon. According to the 2019 Mid-Year Data Breach Barometer Report, 31,611,235 healthcare records were compromised between January 2019 and June 2019, more than doubling the number of data breaches in 2018.
Due to the COVID-19 outbreak, medical treatment units have been compelled to use remote-care gadgets that aren’t properly protected, allowing for attacks. Hackers and scammers are capitalizing on the chaos of the COVID-19 crisis with cyber threats like PPE phishing scams and ransomware attacks. As a result, healthcare organizations are relying on advanced cyber security technologies such as artificial intelligence and machine learning to protect themselves from such threats. This is a good indicator for the future of cyber security in the healthcare industry.
The healthcare cyber security business as a whole is fragmented and highly competitive. The environment is projected to become even more competitive as the number of cyber security breaches continues to rise in the midst of the COVID-19 pandemic. Several new product launches are expected over the next several years as a result of several emerging start-ups attempting to establish their mark in the industry. Collaboration, joint ventures, and mergers and acquisitions are examples of business practices that have enabled organizations to remain competitive in the market.
For instance, in April 2019, Medigate announced the extension of its clinical IoT and general IoT device offerings. Medigate now allows accurate and complete device discovery, contextual and behavioral anomaly detection, and clinical policy enforcement for whole clinical networks of Health Delivery Organizations (HDO).
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