Recent analysis from market research firm ReportBuyer has explored cybersecurity products and services that are currently available for protecting internet-connected devices against cybercriminals, and the likely evolution of novel platforms in the mid to long term.
The “Cybersecurity in Healthcare Market, 2018-2030” report features an extensive study of the current landscape and future outlook of the growing market of cybersecurity within the healthcare industry. Backed by funding from several venture capital firms and strategic investors, this evolving market has its hopes pinned on the efforts of multiple startups, according to the report.
The digital revolution has transformed the way businesses operate across the globe. However, digitally stored information is prone to hacking and manipulation by cyber criminals. The concern is validated by the fact that more than 5.1 million records are compromised due to data breaches every day. In 2016, close to 1,800 incidents of data breaches were reported across all the industries; in total, almost 1.4 billion data records were lost or stolen.
2017 also witnessed several cyberattacks; notable examples include WannaCry and NotPetya ransomware attacks, Equifax data breach, MongoDB databases leak, Elasticsearch server hack, Cloudbleed security bug, Zomato hack, HBO hack/Game of Thrones leaks, Uber data breach, and Ethereum hack.
The healthcare industry has been among the prime targets for hackers over the last several years. The Ponemon Institute’s Fifth Annual Study reported that cyberattacks in healthcare have increased by a factor of 125% since 2010. In the first half of 2017, the healthcare industry had been compromised a number of times, having experienced a total of 228 data breaches, representing 25% of the total number of breaches worldwide. Across these instances, around 31 million records were compromised, stolen, or lost, representing an increase of 423% as compared to the first six months of 2016.
In addition, according to a report published in May 2016, it is estimated that healthcare data breaches have resulted in losses worth $6.2 billion per year to the U.S. healthcare industry. In order to overcome these challenges, various cybersecurity solution providers have started to focus on healthcare. Along with the presence of big companies, the entry of several start-ups is driving the innovation in this domain.
Contrary to the expectation, capital spending on cybersecurity in the healthcare industry is far less compared to some other industries, the report states. In addition, the scarcity of skilled cybersecurity professionals capable of catering to the complex regulatory demands in the healthcare industry is making it even more difficult for the successful implementation of cybersecurity policies across this field.