Cyber security market to grow big time

December 2, 2015

Bernie Monegain

The global healthcare cybersecurity market is expected to exceed $10 million by 2022. To be exact, a new report pegs the market at $10,848.87 million in U.S. dollars.

The report from San Francisco-based Grand View Research ascribes the anticipated growth of the market to the increasing number of cyber attacks for misuse of electronic patient health records, social security records and theft of intellectual property.

The report notes that in the past, cyberattacks were focused on stealing, financial information, billing information and bank account numbers using stolen devices with un-encrypted data, phishing and spam mails. Today, advancements in technology has made possible the use of SQL injections, advanced persistent threats, zero day attacks and advanced malware, according to Grand View Research.

The report cites inadequate IT spending by healthcare organizations and also a lack of awareness about cybercrime as leaving healthcare organizations more vulnerable than ever, noting that the overall impact of cyberattacks on hospitals and healthcare systems is estimated to be nearly $6 billion per year.

Also, the report asserts healthcare organizations face internal threats due to factors, such as the use of cloud services, unsecure networks, employee negligence, bring your own device - or BYOD, lack of internal identification and security systems and stolen devices with un-encrypted files.

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