Healthcare Cyber Security Market incorporates adoption of cyber security solutions and services by healthcare organizations to protect their patient and hospital information from data breaches and cyber-attacks. The service segment includes end user spending on consulting, designing & integration, risk assessment, and training. The solution segment includes deployment of healthcare cyber security solutions such as breach detection, business continuity & disaster recovery, cloud & data centers, data loss protection, identity & access management, mobile devices, and risk & compliance management cyber security solutions in healthcare organizations across the globe.
Portland, OR -- (SBWIRE) -- 12/21/2017 -- Introduction of supportive government regulations and acts to protect patient information from data breaches, increase in incidence of cyber-attacks, and rise in demand for cloud services drive the need for advanced cyber security solutions. However, dearth of trained professionals restricts the market growth to some extent.
Increase in Cyber-attacks
A growing concern faced by the healthcare sector is the rise in number of cyber-attacks due to limited security measures, which, in turn, is expected to increase the adoption of security solutions. For instance, in 2015, Beacon Health Systems was targeted in a cyber-attack, wherein the patient's personal and protected health information was hacked.
Regulatory Requirements and Government Norms
Introduction of supportive government regulations and acts to protect patient information from data breaches is encouraging healthcare providers to deploy advanced cyber security solutions to protect their healthcare data. For instance, The Government of U.S. enacted "the Health Insurance Portability and Accountability Act (HIPAA)" to encourage healthcare organizations to keep healthcare data secure and confidential.
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Increase in Adoption of Mobile Device Applications and Platforms
Sales of mobile device and their penetration are growing rapidly owing to the increase in acceptance of bring your own device (BYOD) among healthcare organizations. The variety of services, applications, and functions available on mobile devices leads to large amount of data being stored on devices and transferred to and from devices. Most of the data stored on mobile devices include sensitive information, such as credit card numbers, user names, and passwords. This growth in dependency on mobile devices encourages organizations to implement effective cyber security solutions, such as IAM, asset management, UTM, and monitoring and analytics.
Need for Strong Authentication Methods
Healthcare organizations require strong authentication functionality to ensure that authentic employees access internal networks or specific applications. To avoid the threats of password-based authentication, enterprises progressively have moved to multi-factor authentication. Multi-factor authentication is generally performed by adding another element to the traditional user name and password. This could be hardware and software token, a biometric check, or a device authentication step. This implementation of these authentication techniques to reduce the risk of cyber threats encourages users to adopt effective cyber security solutions.
The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced cyber security solutions and rise in competition among healthcare service providers are anticipated to boost the segment growth during the forecast period.
The network security segment dominated the market in 2016, followed by content security segment. Furthermore, these segments collectively accounted for around 67% share of the overall market revenue in 2016. Network security solutions enable organizations to protect their network from virus, hackers, denial of service attacks, and other risks. Healthcare providers aim at deploying advanced network security solutions, such as distributed denial of service attack (DDoS) mitigation solutions and access control solutions to ensure protection. Moreover, the cloud security segment is anticipated to grow at the highest CAGR of around 25%, owing to increase in adoption of cloud-based solutions among healthcare organizations globally.
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Some of the key players operating in the healthcare cyber security industry include Cisco Systems, Inc., FireEye, Inc., IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, MacAfee, Inc., Northrop Grumma Corporation, Palo Alto Networks, Inc., Sensato, and Symantec Corporation.