The world health sector face a significant increase in cybersecurity market, which was forecast to be as much as US40billionby2030 which will surge from around US19 billion in 2025. Such solid growth estimated at a CAGR of around 16.5% can be attributed to the growing incidences and complexity in cyber-attacks on sensitive patient information and critical healthcare facilities.
Digital transformation in healthcare has been a tremendous boon for patient care and organizational efficiency, but it’s also expanded cybercriminal terrain.
EMR solutions, virtual databases and the increasing number of networked medical devices are worthwhile targets for cyber criminals, who can sell such stolen data for incredible amounts of money, as HealthcareITNews explains that patient health info is highly valuable on the black market due to its use in identity theft and fraudulent activities.
For example, the significant breach that impacted more than 100 million in early 2024 has spotlighted the precarious state of the sector.
To combat this increasing menace, the major players in cybersecurity such as Cisco and IBM are leading the charge to build and deploy advanced defenses. Both organizations are known as key players in the healthcare cybersecurity arena and are using their vast experience and creative solutions to fight data breaches.
Artificial intelligence (AI) was already extending cloud-based security before 2024, with Cisco, for instance, unveiling its AI Assistant for Security in late 2023, which added AI technology to its Security Cloud system in order to improve threat detection, operational efficiency and overall defense. IBM, and its partners, are committed to advancing its data security and cyber resiliency tokenization technology to enhance the protection of sensitive data across hybrid cloud environments.
Increasing regulatory and compliance requirements for having an incident response plan are on the rise globally and, as such, this is a key area seeing growth in the market.
North America is likely to hold the largest size of cybersecurity market because of the increasing cases of cybercrimes and strict regulations for cybersecurity, but the need for reliable cyber-security solutions is global, and initiatives being taken by different governments and enterprises has also triggered an overall growth in all the regions.
