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North America sees growing investment in healthcare cybersecurity market

Article-North America sees growing investment in healthcare cybersecurity market

Image via Canva Pro healthcare cyber security
Healthcare providers and payers are investing heavily in cybersecurity solutions to protect patient data.

According to the latest report on ‘Healthcare Cybersecurity Market’ by Vantage Market Research, the global healthcare cybersecurity market size was valued at US$11.17 billion in 2021 and is expected to grow at a CAGR (Compound Annual Growth Rate) of 18.1 per cent from 2022 to 2028.’  

The report further highlighted that North America is expected to be one of the largest healthcare cybersecurity markets due to the region's high adoption of digital healthcare solutions. As per the report's forecast, “North America is expected to be the largest market for healthcare cybersecurity due to the high adoption of digital healthcare solutions in the region. The United States is a major contributor to the market, with healthcare providers and payers investing heavily in cybersecurity solutions to protect patient data. The region is also home to several major players in the healthcare cybersecurity market.”  

With a massive amount of patient data, healthcare organisations are inherently at risk of hackers, who continuously try to extort money from health institutions to trade off stolen medical records. The attackers are also likely to leverage the opportunity to demand ransom from patients in exchange for not using their records to create fake IDs and sell them on the deep web for thousands of dollars. 

Once attackers leak a patient’s records, the damage cannot be reversed but is only likely to intensify further. Also, besides health data, another easy target of cybercriminals is the medical devices and equipment that lack necessary security controls since they are often not deemed as potential risk areas by health platforms. However, if left unheeded, this threat can pose a major concern by putting patient health at risk, delaying treatments, and leading to fatalities.   

It is crucial to protect medical information and electronic health records (EHRs) from unauthorised access by taking measures like creating and using a solid online protection system that suits the culture and cyber safety needs of the healthcare platform, providing professional training to staff on online risks, challenges and ways to avert them; regular backing up of data; securing databases and online accounts with electronic authentication methods including multi-factor authentication (MFA), single sign-on (SSO); keeping technology updated with a regular check-up on software and security updates. These are some of the few solutions that every organisation needs to undoubtedly keep atop their priority list for safeguarding health systems and keeping cybercrime at bay.  

There is enough awareness about cybersecurity and the need to strengthen it in healthcare, especially in regions like North America, which is emerging as one the biggest players in healthcare cybersecurity. However, the high costs involved in implementing robust cyber safety measures, stricter laws on cybercrime, and adhering to regulatory compliance such as Health Insurance Portability and Accountability Act (HIPAA) and other regulations in the United States, etc., on the other hand, are some of the significant challenges that act as a deterrent and need to be addressed so that all health platforms, especially those run by smaller players can reap the potential.  

After all, it is crucial for healthcare platforms to provide quality care not just by treating patients' physical health and well-being but also by upholding their trust and protecting them from hackers. 

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