Healthcare Cyber Security Market Hits USD 10.85 Billion By 2022: By Grand View Research, Inc.
Global healthcare cyber security market size is expected
to reach nearly USD 10,848.87million by 2022, according to a new report by
Grand View Research, Inc. Key factors attributing to the growth of the market
include the increasing incidences of cyber attacks for misuse of electronic
patient health records (E-PHR), social security records, IP theft, and
others.
Cyber attacks are constantly
increasing across the globe. On previous encounters it was witnessed that cyber
attacks were focused on stealing, financial information, billing information,
and bank account numbers using stolen devices with un-encrypted data, phishing
and spam mails. Technological advancements have led to advanced cyber warfare
using SQL injections, advanced persistent threats (APT), zero day attacks, and
advanced malware.
Lack of adequate IT spending by
healthcare organizations and lack of awareness about cyber crime have exposed
the vulnerabilities of healthcare organizations. The overall impact of cyber
attacks on the hospitals and healthcare systems is estimated to be nearly six
billion per year.
Furthermore, these organizations
face internal threats due to factors such as the use of cloud services,
unsecure networks, employee negligence, bring your own device (BYOD), lack of
internal identification and security systems, stolen devices with un-encrypted
files.
Healthcare cyber security market
is segmented by, type of threat into malware, ddos, advanced persistent threat
(apt), spyware, lost and stolen devices, others. In 2013, Boston Scientific,
St.Jude Medical and, Medtronic witnessed cyber attacks and hacking. In 2015,
Anthem, which is the second largest health insurance provider in the U.S.,
witnessed a massive cyber attack leading to loss of 80 million customer
records.
Security information and event
management (SIEM),risk and compliance management, DDoS mitigation, antivirus,
antimalware, identity and access management, intrusion detection system
(IDS)/intrusion prevention system (IPS) and others are the solutions included
in the scope of the study. These solutions can be used individually or can be
used as a suite of products providing layer wise security.
Market dynamics in this sector
are dependent on the type of threat, effectiveness, and frequency of attack,
ability to detect and destroy. New types of threats are detected each day,
hence, the solutions need to be upgraded constantly to provide adequate
firewall security and prevent data breach.
Browse full research report on
Healthcare Cyber Security Market
Further key findings from the report suggest:
- In 2014,
North America held the largest market share of more than 41% owing to the
presence of sophisticated healthcare infrastructure, and increasing
collaboration between pharmaceutical, medical device industries, with
regulatory authorities. This can be illustrated using the U.S FDA guidance
document on networked medical devices.
- Furthermore,
the U.S. is a prime target for cyber crimes due to, the presence of large
fortune 500 healthcare organizations, full scale implementation of digital
patient records, and use of extensive social security ids for various
transactions.
- Asia Pacific is
identified as one of the most lucrative regional market, growing at a CAGR
of over 8.5% during the forecast period. Rapidly improving healthcare
infrastructure and high level economic growth in developing countries such
as China, India, and South Korea is expected to boost usage rates over the
forecast period.
- Increasing
number of internet users in China and India is expected to create a huge
user base vulnerable to cyber attacks. According to data published by the
Internet and Mobile Association of India (IAMAI), the internet user base
in India is expected to reach nearly 402 million by December 2015
- Key players
operating in the healthcare cyber security market include, Cisco, IBM,
MacAfee, Paulo Alto Networks, Symantec, Trend Micro Lockheed Martin, FireEye,
Northrop Grumma, Kaspersky etc.
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