The healthcare market is a prime target of hackers looking for protected health information (PHI). The US Office of Civil Rights, which tracks major data security breaches in the healthcare space, reported at least 300 significant breaches in 2018 alone. This situation is exacerbated by the fact that the threat posed by hackers is increasing every year.

In addition, technological advances will require an even more focused approach to security in healthcare. In particular, the Internet of Medical Things will greatly expand both the number of devices in the healthcare network and the number of exploitable points. As the number and variety of devices explodes, healthcare IT will be faced with a much more complex security environment.

Likewise, the application of new analytical tools based on artificial intelligence, Big Data, and cloud services will make the security of patient data harder to achieve. Big Data alone has the potential to amplify the effect of data breeches. Where previously a breach could compromise a subset of patient information, with Big Data lakes living in an interconnected cloud environment, a breach can now expose vast amounts of personally identifiable patient data.

Cloud services, too, can exacerbate the healthcare cybersecurity space by involving third parties in the security of patient data. Where a healthcare IT organization historically had control over 100% of patient data, now it must depend on cloud service vendors to implement strong cybersecurity protocols.

All of these changes make cybersecurity more difficult. Yet, in spite of the increasing threat, healthcare spends far less than most industry verticals on cybersecurity. The HIMSS cybersecurity survey discloses that, on average, healthcare organizations spend half what enterprises in other market verticals spend on cybersecurity.

New research by Frost & Sullivan discloses that this situation is about to change. Indications are that healthcare IT is preparing to increase its spending, with the result that Frost & Sullivan projects a 10.3% compound annual growth rate for healthcare cybersecurity revenue through 2023. Increases in spending will occur in every cybersecurity market segment and will include an increase in managed services spending as healthcare IT seeks to leverage the professional cybersecurity skills of third parties.

This new report by Frost & Sullivan provides essential healthcare cybersecurity market tracking data as well as revenue projections through 2023. It also provides insights into the market drivers and restraints that will shape cybersecurity spending by healthcare IT over the next 5 years.

Author: Michael Jude