Impact of COVID-19 on the Healthcare
The outbreak of COVID-19 pandemic has a negative impact on the performance of the several economies and businesses across the globe.The outbreak is also hamperingthe world’s economy and creating some serious challenges to the healthcare industry. During the COVID-19 pandemic, the healthcare providers have increased their telehealth services and started relying on remote access systems for public health emergency in an effort to help prevent the spread of COVID-19. This has encouraged excess internet usage and exposed several loopholes for privacy concerns about EHR snooping, sophisticated phishing email schemes, mailspams, data theft, ransomware attacks, and data breaches in healthcare organizations.According to Cyber Intelligence Centre, in 2020, there is a spike in phishing attacks, malspams, and ransomware attacks as attackers are using COVID-19 as a bait to personate brands.
𝑪𝒍𝒊𝒄𝒌 𝑯𝒆𝒓𝒆 𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝑭𝒐𝒓 𝑷𝑫𝑭 ➡ https://bit.ly/3Dadv8s
The COVID-19 outbreak has forced medical-treatment units to utilize remote-care devices which lacks proper protection, therebygiving opportunities to perpetrate attacks.With cyber threats such as PPE phishing scamsand ransomware attack, hackers and scammers are seizing on the chaos of the COVID-19 crisis.Thus, the healthcare organizations are focusing on advanced technologies in cybersecurity such as artificial intelligence, machine learning, and big data for protection against such threats. According to HIPAA Journal, the INTERPOL has issued an alert to hospitals over ongoing ransomware attacks during the coronavirus pandemic and issued a ‘Purple Notice’ alerting police forces in all 194 member countries. The healthcare cybersecurity will play a significant role in the safety and security of healthcare providers and healthcare payers from cyber threats.This is showing a positive sign for the growth of the healthcare cybersecurity industry.
The situation has been evolving in unpredictable ways, and the companies operating in this market are doing tremendous work by adapting to a new reality, anticipating and planning for various scenarios. Several leading cybersecurity players are also eying this crisis as a new opportunity for restructuring and revisiting their existing strategies along with advancing their product portfolio. In July, 2020, Medigate partnered with TRIMEDX, an industry-leading provider of clinical asset management solutions for health systems clinical engineering services. This partnership will deliver an integrated solution that offers real-time visibility into connected medical devices.Apart from this, the factors such as favourable government policies & initiatives including financial packages and ease in the taxes;increase in frequency of cyber threats in healthcare organizations; increasing digitization;increasing use of smartphones as an attack vector; and increasing demand for advanced cybersecurity solutions coupled with increasing investment in advanced technologies are further expected to contribute to the growth of the healthcare cybersecurity market.
Emergence of disruptive digital technologies to drive the growth of the healthcare cybersecurity market
The growing sense of security has increased the demand for advanced cybersecurity solutions in healthcare organizations. In a modern connected world, the healthcare sector have been accelerating the pace of their digital transformation with the emergence of digital technologies such as the internet of things (IoT), cloud computing, and big data. The proliferation of connected devices in healthcare organizations has created a security blind spot where cybercriminals or hackers can attack devices like webcams, routers, printers, and IoT medical equipment such as ventilators and respirators. According tothe Global Connected Industries Cybersecurity Survey from Swedish software company, Irdeto, in 2019, around 82% of healthcare providers that have implemented IoT devices have experienced cyberattacks. According to a report by Symantec data, in 2018, it is estimated that infected routers accounted for over 70% of IoT attacks, and connected cameras accounted for around 14% of them. Further, it is estimated that IoT devices experience an average of 5,200 attacks per month. Therefore, to avoid such cyberattacks, there is a consistent growth in the incorporation of cybersecurity solutions in order to protect data and information from security breaches and cyberthreats. With the increasing cyberattacks, rapid adoptionof digital technologies, and total volume of connected devices, the cybersecurity threat landscape is growing exponentially, which is further expected to contribute to the growth of the healthcare cybersecurity market in the coming years.
Key findings in the global healthcare cybersecurity market study:
Solutionsto dominate the overall healthcare cybersecurity marketthough 2027
Based on offering, the solutions segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020. The large share of this segment is primarily due tothe factors such as increase in demand for advanced solutions for security operation, growing number of data security & privacy concerns, and increasing demand for robust and cost-effective security solutions to strengthen cybersecurity infrastructure.In addition, the factors such as rising sophistication levels of cyberattacks, rising awareness about electronic health records (EHRs), and growing regulatory enforcement and protection concerns are also expected to contribute to the growth of the solutions segment in the healthcare cybersecurity market.
Healthcare providers to dominate the overall healthcare cybersecurity marketthough 2027
Based on end-user, the healthcare providers segmentis estimated to account for the largest share of the overall healthcare cybersecurity marketing 2020. The large share of this segment is primarily driven by the growing number of data security concerns, rising awareness about electronic health records (EHRs), and supportive government initiatives and mandates on implementing eHealth solutions and protect patient information from cyber threats. Moreover, the increasing adoption and total volume of connected IoT devices; rising demand for cloud services; rising investments in development of healthcare infrastructure; and emergence of digital technologies such as IoT and cloud computing will further contribute to the growth of this segment.
Cloudsecurity segment is projected to grow at the fastest CAGR during the forecast period
Based on security, the cloud security segment is slated to grow at the fastest CAGR during the forecast periodin the overall healthcare cybersecurity market. The growth of this segment is primarily driven by the rise in volume of sensitive data in healthcare and increase in adoption of internet of things (IoT) devices. In addition, the rise in adoption of cloud-based security technologies and servicesand increasing use of cloud services for storage are also expected contribute to the growth of the cloud security segment.
North America: The largest regional market
The North Americaregion is estimated to command the largest share of the overall healthcare cybersecurity market in 2020, followed by Asia Pacific, Europe, Latin America, and the Middle East & Africa. The large share of this region is primarily attributed to the factors such as presence of major players along with several emerging startups in the region, presence of highly developed medical and healthcare infrastructure, high spending on the healthcare information technology, proliferation of cloud-based solutions, increasing sophistication& frequency of cyberattacks, and emergence of disruptive digital technologies. However, the Asia-Pacific region is expected to witness rapid growth during the forecast perioddriven by the increasing cyberattacks, rising consumption of connected devices, growing regulatory requirements for patient care and safety. In addition, growing awareness regarding cybersecurity among healthcare organizations, high adoption of advanced technologies, such as IoT, 5G technology, and cloud computing, rising privacy & security concerns, rising demand for robust and cost-effective cybersecurity solutions in the region are some of the major factors driving the growth of the healthcare cybersecurity market in APAC region.
Key Players
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by the leading market participants in the healthcare cybersecurity marketover last few years. The key players profiled in the global healthcare cybersecurity market are FireEye, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Sophos Ltd. (U.S.), Juniper Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Checkpoint Software Technologies Ltd. (U.S.), Imperva (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), McAfee LLC (U.S.), LogRhythm, Inc. (U.S.), NortonLifeLock Inc. (U.S.), Crowdstrike Holdings, Inc. (U.S.) Fortified Health Security (U.S.), Sensato Cybersecurity Solutions (U.S.), Kaspersky Lab (Russia), Northrop Grumman Corporation (U.S.), and Medigate (U.S.), among others.
Scope of the Report:
Healthcare Cybersecurity Market by Threat
- Ransomware
- Malware & Spyware
- Distributed Denial-of-Service (DDoS)
- Advanced Persistent Threat (APT)
- Phishing & Spear Phishing
Healthcare Cybersecurity Market by Offering
- Solutions
- Identity and Access Management
- Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS)
- Antivirus and Antimalware
- Risk and Compliance Management
- Distributed Denial of Service (DDoS) Mitigation
- Security Information and Event Management (SIEM)
- Firewall
- Unified Threat Management
- Services
- Managed Security Services
- Deployment & Integration
- Support & Maintenance
Healthcare Cybersecurity Market by Security
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
Healthcare Cybersecurity Market by End-User
- Healthcare Providers
- Hospitals
- Physician Practices
- Healthcare Payers
Healthcare Cybersecurity Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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