- Cyber attacks have become more frequent. This is on account of ineffective & inadequate IT security from healthcare organizations & hospitals. These attacks help steal billing information and medical records through phishing & spam mails. Medical organizations are vulnerable to such attacks owing to insecure networks, employee negligence, and lack of security identification.
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This can be witnessed from the recent attack on Anthem, Inc., wherein 80 million patient health records (PHRs) got leaked on the World Wide Web. The healthcare cyber security market is anticipated to attain around USD 10.8 billion by 2022. It was valued at USD 5.5 billion in 2014. Market growth factors comprise cyber attacks, electronic-PHRs hackings, and IP (internet protocol) thefts.
Pharmaceuticals, medical devices, insurance companies, and hospitals are the end users of the market. Pharmaceuticals are the major end-user, with shares above 20%. Hospitals will remain the fastest growing segment from 2015 to 2022 (forecast period), exceeding 9% CAGR. In 2014, the FBI (Federal Bureau of Investigation) assigned a PIN (private industry notification) to the healthcare sector to notify them against virtual threats.
Cyber attacks vary from one organization to another. Earlier, they only stole credit card information, but have now graduated to bypassing firewalls and accessing confidential data. Some of the attacks include malware, SQL injection, advanced persistent threats (APTs), and DDoS (Distributed Denial of Service). Spyware, lost or stolen devices, rootkits, and clickjacking are the remaining. In 2014, malware was the biggest threat.
Solutions for resisting these attacks are identity & access management, risk & compliance management, DDoS mitigation, antivirus & antimalware, security information & event management (SIEM), and intrusion detection systems (IDS)/intrusion prevention systems (IPS). In 2014, identity & access management held about 14% share in the healthcare cyber security market. Risk & compliance management would grow at a CAGR of more than 9% during the forecast period.
In 2014, North America had a share above 41% owing to its health infrastructure and collaborations between pharmaceuticals & regulatory authorities. Asia Pacific has the largest potential for expansion, with an estimated CAGR over 8.5% in the next seven years. Prominent companies in the global healthcare cyber security market comprise MacAfee, Symantec, Cisco, IBM, and Trend Micro.
Information Source: Grand View Research
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