Healthcare Cyber Security Market Overview:

Worldwide healthcare cyber security market volume was evaluated at nearly about 5.48 million US dollars in year 2014 and is predicted to observe good market growth during the forecasted span. Key aspects contributing to the fast expansion and growth of the industry includes growing threats of cyber crimes, security compliance and regulatory control issues as well as issues pertaining to leaking of confidential information from within the firm caused by the internal aspects as well as external aspects. Further, few of the growing examples such as patient intrusion, intellectual property thefts, confidentialities of business, loss & damage of electronic records of patients, medical identity fraud, social security records and health records of patients are also predicted to enhance the product utilization in the area of healthcare sector during the estimated period.

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As per the estimates published by the ponemon institute, the normal cost of data infringe in a hospice was greater than 1.96 million US dollars, with costs growing with the volume of healthcare firm. The lack of adequate spending on information technology sector by healthcare firms and lack of consciousness about the cyber crimes are the main reasons contributing towards the growing attacks on healthcare firms. The global impact of these cyber attacks on healthcare systems and hospices is predicted to be nearly 5.96 billion yearly in terms of total income. Patient insurance and medical documentations are the main aspects responsible for such cyber attacks.

Healthcare Cyber Security Market By End Use:

The trend of cyber attacks on medical equipment producers, insurance firms and pharmaceuticals is rising all across the world. But the greatest impact has been observed by the USA based firms. In year 2013, firms like St Jude Medical, Medtronic and Boston reported cases of attacks, data violation and loss of data. In year 2015, a large scale attack was launched on anthem which led to the loss of nearly eighty million documents.

In year 2014 federal bureau of investigation in USA issued a PIN (private industry notification) to the healthcare section in USA. This notice displays the threat of virtual conflict against healthcare firm and is predicted to fuel the execution of high security standards to handle new age cyber conflict.

In year 2014, pharmaceuticals & chemicals section held majority of market share. It held more than twenty percent of the total market share of the global healthcare cyber security market. Further, clinics are predicted to be rapidly expanding end use section which will grow at a CAGR rate of more than 8.96% in future. The health conscious end users are very susceptible to cyber attacks, owing to lack of complete network safety policy, bureaucratic hierarchy arrangement, low capital in information technology sector, less employee involvement and lack of education on cyber crimes.

Healthcare Cyber Security Market By Threat:

Cyber attacks are growing at a fast pace all across the world. The kind of threat, occurrence of attack and effect of each attack differs across various firms depending upon their internal security controls. Earlier these attacks were concentrated more on burglary of credit card information, phishing, information billing, spam mails and unencrypted data. The time taken to recognize breach of confidentiality & safety violations can be very time consuming if adequate internal security firewalls are not used. This can create a huge impact on the accountability and credibility of the firm.

Further, using modern malware, SQI injections, zero day attacks, DDoS, APT (advanced persistent attacks), root kits and click jacking, the cyber culprits can easily overcome the rules which would lead to intellectual property loss, loss of patient records and los of important data. Threat from inside sources is also high due to organizational policies like BOYD (bring your own device) and use of utilization of cloud services.

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Lack of internal recognition systems, utilization of insecure networks, negligence of employees, loss of equipments with un encrypted files or stealing of data by employee are few of the factors adding to the growing rate of crimes all across the world. In year 2014, malware held the biggest market share and is predicted to persist its healthy expansion and growth during the forecasted period.

Healthcare Cyber Security Market By Solution:

To handle the different threats, cyber firms have been creating manifold items that could be used by individuals or used as a suite of items offering layer wise solutions. Few of the main solutions used for protection of data or data security includes identity as well as access management , risk management, compliance management, event management, security management, intrusion prevention system, antivirus, data encryption software, antimalware software and firewalls.

Generally firms execute greater than two layered or three layered security framework to recognize the threats and control the data flow, data information and check the different other business transactions made by every user.

In year 2014, identity management as well as access management held optimum market share of nearly about 13.96%. But, compliance and risk management is predicted to be the most profitable solution expanding at a CAGR rate of above 8.96% during the forecasted period.

Growing trends of data violations and lapses in security are predicted to enhance the overall growth of the healthcare cyber security market globally. It will also boost the expenditure on maintenance of secured IT solutions by healthcare firms. Further, advanced technologies, growing cyber attacks, rising cases of criminal attacks and the tough challenges faced by the internet world are predicted to enhance the rates of utilization of these solutions in future.

Healthcare Cyber Security Market By Region:

The global healthcare cyber security market is bifurcated on the basis of geographical locations like Sub continent of North America, Continent of Europe, APAC region, region of Middle East Asia and region of Latin America.

Sub continent of North America held the biggest market share of about more than forty percent of the global healthcare cyber security market in year 2014. Key aspects responsible for the contribution of the largest market share of this region to the total market share plus the growth & expansion of the healthcare cyber security market in this region includes large number of cyber attacks targeting the firms in this region, presence of different fortune 500 healthcare firms in this region and high expenditure of government on research & development activities in this region.

Further, presence of patient records online and high level of utilization of networked equipments also contribute to the growth of the industry in this sub continent of North America. The vibrant fiscal expansion and growth as well as technical advancements in this geographical location offer many chances for wrongdoers to hack the cyber networks and steal confidential data and information.

APAC region is predicted to be the most profitable market. Fast growth in this geographical region is contributed to the presence of numerous multinational corporations main offices and research & development centers of pharmaceutical firms as well as medical equipments sectors in this region. These firms are susceptible to the cyber attacks from the non state as well as state agents, malicious internal hackers, malwares, spam and external hackers. Numerous initiatives taken by the governments in these geographical regions to enhance and improve their network securities as well as new initiatives taken by healthcare firms to protect their confidential data and consumer records is predicted to boost the use of cyber security items in future.

Competitive Landscape:

Key industry players functioning in this business and profiled in the global healthcare cyber security market report includes Symantec corporation, International Business Machines(IBM), MacAfee, Quick heal Incorporation, NPV antivirus systems, Cisco Systems, Kaspersky, Trend Micro, Intel Corporation, Northrop Grumman, Fire Eye Corporation, Paulo Alto Networks and Lockheed Martin Corporation.

Growing threat of cyber attacks due to technical modernizations and entry of new market players in this industry is expected to significantly change the competitive industry environment and competitive industry dynamics of the global healthcare cyber security market during the forecasted time interval.

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