The healthcare industry has drastically become a lucrative target for cybercriminals following the recent developments in the Covid-19 pandemic and increased healthcare spending by the government and individuals. It’s no doubt that failing to combat cyber threats exposes organizations and individuals to all sorts of security and liability risks. This has led hospitals and healthcare centers to invest in cybersecurity awareness. The Global News Wire notes that the value of the healthcare cybersecurity market was $9.78 billion in 2019. This figure is projected to reach $33.65 billion by 2027. And now, considering the impact of the COVID-19, experts project that the cybersecurity market may reach $125 billion by 2025.
Data breaches are among the leading cyber threats in healthcare. From 2015 to 2019, 157 million healthcare and patient-related records were exposed. According to IBM, data breaches like these cost healthcare organizations upwards of $7 million in 2020 alone. Thus, most healthcare organizations now pay due consideration to their digital security requirements and protocols.
Following the COVID-19 pandemic outbreak, many healthcare organizations relaxed their firewall to make it easier for their staff to work at home. Many organizations also wanted to erect temporary medical facilities and telehealth services that sometimes bypassed some of the security protocols for vendors, or lacked the security infrastructure available in established hospitals. In 2022, the healthcare industry will need to reconsider their approach to cybersecurity.