Cybersecurity in Healthcare Market -MENA/Global

Cybersecurity in Healthcare Market – An Overview

The cybersecurity market in the healthcare industry holds immense significance due to the sensitivity of patient data and potential implications of a security breach. To maintain trust, protect patient safety, and comply with legal requirements, healthcare infrastructure, patient information, and medical records must be secured against cyberattacks.

Cybersecurity, or information security, is all about data protection to ensure that it stays confidential, intact, and accessible. Several companies provide advanced solutions to secure healthcare information, as criminals target the healthcare sector due to the higher value of medical data compared to banking details or credit card information. As the industry undergoes digital transformation, the threat of cyberattacks intensifies. Cybersecurity involves software and technology that help manage these risks, prevent digital attacks, data theft, unauthorised access to networks, devices, healthcare data, and various programs.

Amidst the pandemic, the healthcare sector experienced heightened cybersecurity threats, resulting in the market’s expansion. With the industry dependent on remote methods, users often utilise personal equipment and home internet connections without proper cybersecurity measures, bring up the risk of cyberattacks.

Key Highlights from the Report

• Given the surge in cyber attacks and heightened concerns about security and privacy, the adoption of IoT and linked devices is expected to intensify. Additionally, the improved utilisation of cloud-based solutions is anticipated to generate significant revenue.

• Future projections indicate network safety, a key aspect of computer security, will be highly significant and profitable. The rise in remote work due to the COVID-19 outbreak underscores the critical importance of network security, causing the development of private and secure networks even more important.

• As hospitals seek cybersecurity solutions, the healthcare industry is expected to turn extremely profitable. Hospitals hold critical patient data that requires information security, yet cyberattacks are on the rise. Furthermore, hospital infrastructure connected to the internet is now constantly susceptible to hackers.

• In North America, the industry is anticipated to generate the greatest revenue due to the presence of advanced healthcare facilities and the rise in cyberattacks. This revenue is expected to be generated through the implementation of cybersecurity solutions and services within the healthcare sector, as hospitals invest in technologies to safeguard sensitive patient data and protect against cyber threats. The need for robust cybersecurity measures in response to the rising frequency and sophistication of cyberattacks contributes to the financial significance of the sector.

• The segment that uses cloud technology is expected to generate significant revenue and grow steadily in the coming years. Many companies are moving their operations to the cloud, which allows them to store and access data and software online. Improved integration and management of different technologies make it easier and more affordable for businesses to use the cloud. In the healthcare sector, for example, the cloud is used to connect devices and medical information, thus being useful to both professionals and patients.

• IBM Corporation, Cisco Systems, Inc., Booz Allen Hamilton Inc., Symantec Corporation, Intel Security Group (McAfee), Trend Micro Inc., Computer Sciences Corporation, CA, Inc., Lockheed Martin Corporation, Palo Alto Networks, Atos SE, FireEye, Inc., and Northrop Grumman Corporation are some of the key players in this market.

Cybersecurity in Healthcare Market – MENA

During the projected period of 2022-2027, the Middle East and North Africa market is expected to increase roughly by 17.1%. The market is expected to grow to $44.7 billion by 2027.

The significance of cybersecurity has grown in Saudi Arabia due to the swift advancement of technology. To guarantee the security and privacy of its residents, the nation has amplified its investment on cybersecurity. The government has enacted rigorous data security regulations and continually strives to improve the cybersecurity system.

Due to the rise in technology usage, cybersecurity solutions are in higher demand in Saudi Arabia. Governments spend money on innovative ways to identify and stop commercial cyberattacks to prevent this. Around 48% of Saudi firms want to improve advanced security measures, while 45% already have them in place. Organisations in Saudi Arabia will continue to prioritise cybersecurity to avoid severe financial losses and reputational harm.

Cybersecurity in Healthcare Market – Global

According to forecast, the healthcare cybersecurity market is expected to develop at an average annual growth rate of 15.32% from 2023 to 2028, rising from $25.61 billion in 2023 to $52.24 billion.

Ever-present cyberthreats drive the improvement of healthcare cybersecurity. Severe data breaches pose a significant concern, leading healthcare organisations to rely on advanced cybersecurity solutions for robust patient data protection. Technology enhancements have transformed how the industry secures information.

Healthcare is more vulnerable to cyberattacks due to surge in use of associated technologies, cloud services, and inadequate information security strategies. US standards and laws drive mobile adoption in healthcare, but attackers target electronic health records. The Internet of Medical Things (IoMT) devices enhance patient care while simultaneously constitute substantial concerns, like pacemaker vulnerability. The healthcare cybersecurity market is anticipated to be driven by increase in instances of patent infringement, medical identity theft, and data loss, but a lack of awareness within the sector may restrain its expansion.

Recent Development

• In July 2022, Clearwater, a company focused in risk management for cybersecurity and compliance with HIPAA regulations, acquired Tech Lock. This acquisition allowed Clearwater to offer its specialised technology services for continuous identification and resolution of cyber risks. Additionally, Clearwater plans to involve specialists from Tech Lock to assess and validate compliance with security standards such as PCI, HITRUST, and CMMC.

Trends in Cybersecurity

• As reported by Microsoft, approximately 80% of nation-state attacks targeted government institutions, think tanks, and other non-governmental organisations

• According to Microsoft, 58% of nation-state cyberattacks originate in Russia

• The United States continues to be the most targeted country, with 46% of worldwide cyberattacks focused against Americans

• Fraud cases have increased by 70% since 2020

• According to PurpleSec, a managed cybersecurity services holistic enterprise, around 98% of cybercrime relies on social engineering to succeed

Statistics for Data Breaches

• Twitter had a breach of data that allegedly affected millions of individuals in the United States and the European Union, although it was not previously disclosed

• On September 22, 2022, Optus, an Australian telecommunications provider, experienced a catastrophic data breach, revealing the personal information of 11 million customers.

• On October 12, 2022, the carding platform Biden Cash released approximately 1.2 million credit card details freely available

• A data breach that affected 97 million people connected to Medibank, an Australian insurance and healthcare provider, happened on October 13, 2022.

• On November 16, 2022, a hacker claimed to have current personal information for 487 million WhatsApp users and posted the data set on BreachForums

Cybercrime Statistics

• In the first half of 2022, phishing assaults grew by 48%, with 11,395 occurrences reported, costing organisations a total of $12.3 million

• According to a research, up to 40% of cyber dangers now originate directly through the supply chain

• Ransomware assaults have grown by 41% in 2022, and it took 49 days longer than average to identify and remediate a breach