Rising Cyber Threats Demands Increasing Spend in Cybersecurity Measures

Cybersecurity spending in the medical device sector is expected to grow at an annual rate of 12.9%, from $631.2 million in 2022 to $1.2 billion by 2027.

According to GlobalData's latest report, there is an urgent need for increased investment in medical device security, driven by the industry's growing dependence on technology and the expanding landscape of cyber threats.

GlobalData forecasts that 68% of medical devices will be network-connected by 2025, creating more potential entry points for cybercriminals and increasing the likelihood of widespread disruptions due to a single vulnerability.

The report titled "Cybersecurity in Healthcare - Thematic Intelligence," reveals that the medical device sector is witnessing a substantial increase in cybersecurity spending, projected to grow at an annual rate of 12.9% from $631.2 million in 2022 to $1.2 billion by 2027.

This surge reflects a heightened response to the escalating number of cyber threats targeting healthcare devices, which are often more susceptible to breaches than IT infrastructure in other sectors.

The report highlights that healthcare's vulnerability stems from the value of personal data and the extensive network of connected devices, including legacy systems with outdated security protocols and personal devices linked to health networks.

Urgent Need for Security

Ashley Clarke, senior medical analyst at GlobalData, emphasized healthcare's unique susceptibility to cyberattacks, noting that "In the event of a breach, there is an immediate need to restore compromised systems to ensure patient well-being."

The potential for significant disruption to patient care heightens the attractiveness of medical devices as targets for cyberattacks.

The US Department of Health and Human Services has reported a doubling of affected individuals from data breaches between 2022 and 2023, with a further 15% increase in the first half of 2024 compared to the same period in 2023.

This trend highlights the urgent need for healthcare providers to bolster their cybersecurity defenses.

The healthcare industry's shift towards interconnected systems and the Internet of Things (IoT) significantly expands the cybersecurity risk landscape.

The recent incident involving a faulty software update from CrowdStrike, which caused IT crashes across healthcare devices worldwide, exemplifies the severe consequences of cybersecurity lapses.

These crashes disrupted patient treatments, restricted access to electronic health records, halted data flow between diagnostic systems, and delayed emergency response teams.

As healthcare systems continue to evolve and become more advanced, the risk of a single point of failure causing large-scale disruptions of critical systems grows.

Clarke stressed the necessity of implementing comprehensive security measures to protect patient data, ensure uninterrupted care, and mitigate the risks of cyberattacks.

The industry's reliance on interconnected technologies makes safeguarding against these heightened threats crucial to ensuring the safety and security of healthcare operations.