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I believe cybersecurity services are very important for healthcare organizations. No cybersecurity product / platform tells how to tackle the situation of a data breach or how to respond to cyberattacks. The cybersecurity services market is going to grow as soon as people realize that the actual threat is already out there, and they are not capable to deal with that
-Chief Executive Officer
The global healthcare cybersecurity market size is estimated to reach $12.6 billion by 2030, growing at CAGR of 14% during the forecast period. The digital revolution has transformed the way businesses operate across the globe. However, digitally stored information is prone to hacking and manipulation by cyber criminals. The concern is validated by the fact that more than 5.1 million records are compromised due to data breaches every day. In 2016, close to 1,800 incidents of data breaches were reported across all the industries; in total, almost 1.4 billion data records were lost or stolen. The year 2017 also witnessed several cyberattacks; notable examples include WannaCry and NotPetya ransomware attacks, Equifax data breach, MongoDB databases leak, Elasticsearch server hack, Cloudbleed security bug, Zomato hack, HBO hack / Game of Thrones leaks, Uber data breach, and Ethereum hack.
The healthcare industry has been amongst the prime targets for hackers over the last several years. The Ponemon Institute’s Fifth Annual Study reported that cyberattacks in healthcare have increased by a factor of 125% since 2010. In the first half of 2017, the healthcare industry had been compromised a number of times, having experienced a total of 228 data breaches, representing 25% of the total number of breaches worldwide. Across these instances, around 31 million records were compromised, stolen or lost, representing an increase of 423% as compared to the first six months of 2016. In addition, according to a report published in May 2016, it is estimated that, with each electronic health record (EHR) costing around USD 355 in the black market, healthcare data breaches have resulted in losses worth USD 6.2 billion per year to the US healthcare industry. Examples of organizations that have recently been the victims of cyberattacks / security incidents include (in alphabetical order) Abbott / St. Jude Medical, Anthem BlueCross BlueShield, Bayer, Bupa Global Health Insurance, Bronx Lebanon Hospital Center, HealthNow Networks, Johnson & Johnson, Med Center Health, Merck, National Health System (NHS), Pacific Alliance Medical Center, Patient Home Monitoring, and Smiths Medical.
In order to overcome these challenges, various cybersecurity solution providers have started to specifically focus on healthcare. Along with the presence of big companies, the entry of several start-ups is driving the innovation in healthcare cybersecurity market. Contrary to the expectation, capital spending on cybersecurity in the healthcare industry is far less compared to some other industries. In addition, the scarcity of skilled cybersecurity professionals capable of catering to the complex regulatory demands in the healthcare industry is making it even more difficult for the successful implementation of cybersecurity policies across global healthcare cybersecurity market.
Examples of key companies engaged in healthcare cybersecurity market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Attivo Networks, CensorNet, Exabeam, iCyber-Security, Threat Stack, TraceSecurity, Zenedge, Anomali, Centripetal Networks, Flashpoint, ProtectWise, Sqrrl, Shape Security, Vectra Networks, Agio, CyberSurance, Delta Risk, ITEGRITI, Security Risk Advisors, Sera-Brynn and VigiTrust. This market report includes an easily searchable excel database of all the companies providing cybersecurity products / solutions / services to healthcare industry, worldwide.
The ‘Healthcare Cybersecurity Market, 2018-2030’ market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the healthcare cybersecurity market. The focus of this market research report is on the cybersecurity products / solutions and services that are currently available for protecting internet connected devices against cybercriminals, and the likely evolution of novel technologies / platforms in the mid to long term. Backed by funding from several venture capital firms and strategic investors, this evolving market has its hopes pinned on the efforts of multiple start-ups. Amongst other elements, the market research report features:
The key objective of healthcare cybersecurity market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for healthcare cybersecurity market during the forecast period. Based on various parameters, such as number of healthcare data breaches, number of records compromised, expected pricing of the stolen medical records and spending trends on cybersecurity in the healthcare industry, we have provided an informed estimate on the likely evolution of the market in the long term, for the forecast period 2018-2030. To account for the uncertainties associated with the number of data breaches, and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.
The opinions and insights presented in the market research report were also influenced by discussions held with senior stakeholders in healthcare cybersecurity market. These include Garrett Silver (CEO, Critical Informatics), John Gomez (CEO, Sensato), Matan Kubovsky (VP, R&D, illusive networks), Mike Kijewski (CEO, MedCrypt), Mike Meikle (CEO, secureHIM), Robert Dobson (Director, Device Authority) and Rosa Lenders (Marketing Executive, Device Authority), Rod Schultz (CPO, Rubicon Labs) and Julia Cline (Senior Director, Product and Marketing, Rubicon Labs), Saïd Kenj (Account Executive, Cyberlytic) and Rebecca Bourke (Marketing Manager, Cyberlytic), Steve Leatherman (IT Consultant, BlackRidge Technology), and Yoni Shohet (CEO, SCADAfence). All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.