Healthcare Cybersecurity Market size is set to exceed USD 27 billion by 2025; according to a new research report by Global Market Insights, Inc.
Ocean View, DE -- (SBWIRE) -- 04/07/2020 -- Driven by a fast-paced digital transformation of the healthcare industry worldwide, the healthcare cybersecurity market is slated to grow into a highly lucrative investment avenue over the forthcoming years. The rapid adoption of digital technologies by healthcare providers, while being extremely beneficial to the industry, brings along its own set of concerns such as cyberthreats, wherein a system's vulnerabilities are exploited by malicious entities to steal or damage data for financial gain.
Reportedly, data breaches cost the healthcare industry over $5.6 billion on an annual basis. As a consequence, several healthcare organizations across the world have started giving significant importance to their respective digital security requirements, enabling healthcare cybersecurity market to be the recipient of substantial growth prospects. A considerable thrust to the industry is projected to come from two specific factors, the migration to the cloud and the increasing frequency of ransomware attacks.
Healthcare Cybersecurity Market Size was valued at USD 8.2 billion in 2018 and is expected to witness 19.1% CAGR from 2019 to 2025.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Cisco Systems
3. Fortified Health Security
4. IBM Corporation
8. NORTHROP GRUMMAN CORPORATION
9. Palo Alto Networks
Impact of the growing threat of ransomware on the healthcare cybersecurity market
One of the biggest threats to the digital way of life is the increasing threat of ransomwares. Designed to take away something without authorization and leverage its importance to extract financial gains, ransomwares have been targeting a number of healthcare organizations recently.
The Prominence: According to the Center for Internet Security, owing to the simplicity of its intended tasks and the ease with which they can be introduced into a network, ransomwares are fast becoming the preferred method of attack among attackers. A 2018 Data Breach Investigation Report unveiled by Verizon found that ransomware is the most commonly used malware, accounting for 39% of malware-driven data breaches. Moreover, it was also discovered that ransomwares have a particular inclination towards healthcare, accounting for 85% of all malwares targeting the industry.
The Numbers: The impact of ransomwares is rapidly escalating, and in 2018 the now infamous WannaCry ransomware attack cost the UK's National Health Service an estimated £92 million, as it caused over 200,000 computers to lock out their operators, demanding a payment in bitcoins to give the control back. It also threatened affected around 19,000 patients when it cancelled their doctor's appointment.
Favorable regulatory scenario positively impacts the healthcare cybersecurity market growth. For instance, NIST cybersecurity framework is collective initiative framed by the U.S. government to provide superior quality cybersecurity software to hospitals and research centers that deal with large clinical as well as administrative data. Key industry players operational in healthcare cybersecurity market comply to regulations that ensure maximum protection of the data. However, high cost of healthcare cybersecurity solutions predicted to impede business growth to some extent.
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The Projection: Today, platforms such as ransomware as a service (RaaS) enable launching cyberattacks with no technical knowledge or skills, affirming that the threat posed by ransomware attacks is further magnified. The readily available nature of the malware could be the exact reason for the healthcare cybersecurity industry to direct a majority of its focus towards detecting and preventing ransomware attacks, further expanding the industry potential.
Fueled by the rising threat from ransomwares and other security concerns, the healthcare cybersecurity industry is anticipated to rake in substantial business growth over the coming years. In fact, estimates claim that healthcare cybersecurity market size is forecast to exceed the $27 billion renumeration mark by 2025.