Healthcare Cyber Security Market 2020-Latest Advancements and Industry Outlook | Cisco Systems Inc., IBM Corporation, Kaspersky Labs Inc.

The Global Healthcare Cyber Security Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The healthcare cybersecurity market was valued at USD 6.9 billion in 2019 at a CAGR of 15.6% over the forecast period 2020 - 2025.

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Top Key Players in the Global Healthcare Cyber Security Market: Cisco Systems Inc., IBM Corporation, Kaspersky Labs Inc., FireEye Inc., Symantec, Trend Micro Inc., McAfee Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Medigate Ltd.

While cyber-attacks are the principal factor amongst the drivers of growth in the healthcare cybersecurity market, and 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. As per the 2019 Mid-Year Data Breach Barometer Report, 31,611,235 healthcare records were exposed between January 2019 and June 2019, which was double the number of data breaches in 2018. According to the Cost of Data Breach Report 2019, this has caused the healthcare industry the highest mitigation cost of USD 6.45 million. Healthcare infrastructure that is often limited to legacy systems is mostly outdated and vulnerable to attacks, which are identified to be the major reasons for the high number of data breaches in the domain.

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.
- There is a significant rise in mortality rates in hospitals after a data breach. Moreover, the quality of care usually goes down in times of an epidemic, since the staff is stressed more than usual. In February 2019, major Melbourne hospital's medical records were accessed by hackers, where 15,000 patient records were compromised. Cybersecurity predicts that ransomware attacks on hospitals may increase five times between 2018 and 2021. This calls for increased adoption of cybersecurity measures.
- 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.

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Key Developments:

- April 2019 - Medigate, announced its expansion to clinical IoT and general IoT devices. Meditate now enables accurate and comprehensive device discovery, contextual and behavioral anomaly detection as well as clinical policy enforcement for Health Delivery Organizations (HDO) entire clinical networks.
- Sep 2018 - Cisco and Cynerio partnered to improve medical device security. The integrated solution allows continuous discovery and classification of connected medical and IoT devices, visibility into the associated risk for each connected device with clinical context, protection against cyberattacks without interfering with clinical workflows.

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.
-Recently, in March 2019, over 12 healthcare sector companies and groups submitted a proposal to the FDA for updating the guidelines for the cybersecurity of premarket medical devices. Initiatives, such as these are expected to further increase the adoption of cybersecurity in the country's healthcare sector. Healthcare organizations, across the United States, are at the forefront of cyber attacks and threats, which is continually compromising patient security. The 2019 HIMSS Cybersecurity Survey revealed that most of the incidents are caused by bad actors, who use e-mail to penetrate the systems.
-The HIPAA estimates that in March 2019, approximately 1 million people in the United States had their medical files exposed in data breaches. This is directly responsible for an exponential increase in data breach costs, where the average cost of a data breach is USD 8.19 million per record. Some vulnerabilities inadvertently enter the devices, software, and servers or patches are other driving factors for the cybersecurity market. In the case of GE Aestiva and Aespire Anesthesia devices, which are used in the US hospitals, and improper authentication vulnerability was identified in June 2019, which could allow a remote attacker to modify the parameters of a vulnerable device and silence the alarm system.

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What are the market factors that are explained in the report?

-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

-Analytical Tools: The Global Healthcare Cyber Security Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Finally, the Healthcare Cyber Security Market report is a believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

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