- A new report by Grand View Research, Inc., a U.S. market research and consulting firm, estimates the global healthcare cyber security market will reach $10.85 billion by 2022, thanks to the rapidly increasing number of cyber attacks, regulatory and security compliance issues, and internal data leaks.
- Other factors, according to the report, include a lack of adequate IT spending by healthcare organizations and a lack of awareness regarding cyber crime. Cyber attacks cost hospitals and healthcare systems an estimated $6 billion a year.
- Internal threats to hospitals and healthcare systems are due to using cloud services, unsecured networks, employee negligence, a lack of internal identification and security systems, and stolen devices with unencrypted files.
Key report findings suggest in 2014 North America held the largest market share of more than 41% due to sophisticated healthcare infrastructure and increased collaboration between pharmaceutical, medical device industries, and regulatory agencies. However, the U.S. remains a major target for cyber crimes due to large fortune 500 healthcare companies, full-scale implementation of digital patient records, and the use of extensive social security numbers for various transactions.
According to estimates by the Ponemon Institute, as stated in the report, the average cost of a hospital data breach was more than $2 million, with costs increasing with the size of the organization.
Major players in the healthcare cyber security market include Cicso, IBM, MacAfee, Paulo Alto Networks, Symantec, Trend Micro Lockheed Martin, FireEye, Northrop Grumman, and Kaspersky.