New research from Frost & Sullivan finds that healthcare organizations are struggling to respond to an “alarming increase” in the incidence of data breaches and cyber attacks.
The industry has an urgent need to deploy new tools and approaches to address cybersecurity risks arising from the recent widespread digitization of health data via electronic health records (EHRs) and the increase in the exchange of this data across dispersed care settings and computer endpoints, the firm said.
A variety of new vendors are flooding the healthcare cybersecurity market, the report said. While many hospitals’ buyers are only beginning to engage in the field today, they will change their culture around IT security and gain in sophistication, it said.
Frost & Sullivan predicts that the total market for cybersecurity solutions deployed by U.S. hospitals will grow at a compound annual growth rate (CAGR) of 14% between 2016 and 2021.
Because of the increased risk of attacks of every type, especially phishing and ransomware, hospitals are transitioning from a traditional reactive and fragmented approach to protecting privacy and security that’s highly dependent on compliance with the Health Insurance Portability and Accountability Act (HIPAA), said Nancy Fabozzi, principal connected health analyst at Frost & Sullivan.
They are moving “to a new approach and mindset that is proactive, holistic, and coordinated, anchored by integrated solutions designed to protect multiple endpoints,” Fabozzi said.
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