The healthcare cybersecurity vendor and advisory market is primed for huge expansion. Provider and payer IT professionals disclose strategic investments exceeding $140 billion through 2025.
NEW YORK, November 29, 2023 (Newswire.com) - The tenth annual Black Book Research "State of the Healthcare Cybersecurity Industry" report reveals insights received from 2,797 CISO, CIO, data security and patient data privacy professionals from 430 software, services, and consulting firms. Additionally, 1,959 healthcare consumers were polled to supplement external perceptions and confidence in their providers' and payers' efforts to protect their personal data.
The healthcare cybersecurity vendor and advisory market is primed for huge expansion, evidenced by provider and payer IT professionals disclosing strategic investments exceeding $140 billion through 2025, on the heels of intensifying cyberattacks on health systems and payers in Q4 2023.
The cost of ransomware attacks on U.S. healthcare providers reached $28.2 billion in 2022. Security breaches alone cost healthcare companies $7.3 trillion by the end of Q3 2023. Documented data breaches in medical practices and physician groups increased 72% from 2019 to 2022. Hospitals and health systems data breaches increased by 59% during the same four period. Eighty-two percent of IT managers assert that their organization has been hit with ransomware more than once in 2023.
Black Book's study revealed the average healthcare data breach costs $697 per record - the highest of any industry for 10 straight years. At more than four times the cross-industry average of $170 per record, cyber data security is one of the most critical concerns for both the provider and payer sectors.
In the associated Black Book survey of healthcare consumers, 91% of patients reported elevated anxiety from the potential misuse of their health information by external entities. With current security risks, 79% of consumers have apprehensions about electronically sharing their health data due to privacy concerns between providers' systems. The biggest red flags for healthcare consumers are based on their individual experiences with healthcare providers: only 8% have high confidence medical organizations are being completely compliant with HIPAA and data privacy regulations. Ninety-seven percent of healthcare consumers are also skeptical of how well government regulations protect their health data currently. Twenty-two percent of healthcare consumers would seek to switch to a provider that places a stronger emphasis on data privacy protection if there was a way to compare or confirm their respective provider's data protection technologies employed.
According to 90% of the chief information security officer respondents, software and services vendors are not taking adequate measures to ease the cybersecurity process or implementation complications and advance better healthcare industry user experience for provider clients.
Eighty-six percent of IT professionals in health plans agreed with the sentiments that data attackers are outpacing their organizations, holding payers at a continued disadvantage in responding to vulnerabilities in 2024.
"Most healthcare CISOs and CIOs have no choice but to leverage next-generation cybersecurity system tools and solutions in order to keep their organizations' data safe, but also to stay solvent in 2024," said Doug Brown, President of Black Book™. "The threat landscape in healthcare is fertile ground for malware, ransomware, breached records and patient privacy, phishing expeditions and cyberattacks with the adoption of telehealth and remote patient monitoring, in particular."
"The frank reality is that many cybersecurity solutions purchased before 2023 may already be outdated and deficient in combating developing hacks and breaches of 2024, and marginally performing hospitals face yet another threat to closure from related expenses and blows to the organization's reputation," said Brown. "The expanded use of remote access systems and virtual patient consultations serve as additional entry points into the healthcare tech platforms for cyberattacks."
Black Book Market Research LLC conducts polls and surveys with healthcare executives and front-line users about their current technology and service partners and awards top-performing vendors based on performance based on qualitative indicators of client experience and solution/service satisfaction and three indicators of customer loyalty. A fragmented mix of 430 vendors offering data security services, core products and solutions, software, consulting, and outsourcing received user feedback including large IT companies, mid and small security vendors, and start-ups in the polling period Q1 to Q4 2023
Black Book surveyed users of 25 categories of cybersecurity vendors, consultants, and advisors which produced the 2024 ratings of the highest-performing suppliers in healthcare. Full rankings of hundreds of vendors can be viewed at https://blackbookmarketresearch.com/health-data-security-and-privacy.
The top cybersecurity client users rated the highest satisfaction by solution:
END-TO-END ENTERPRISE CYBERSECURITY SUITE SOFTWARE & SERVICES – CROWDSTRIKE
CYBERSECURITY ADVISORS & CONSULTANTS – CLEARWATER
APPLICATION SECURITY TESTING SOLUTIONS – HEALTHASYST
AUTHORIZATION /AUTHENTICATION & SINGLE SIGN-ON SOLUTIONS – IMPERVA
SECURE DIGITAL COLLABORATION PLATFORMS (BLOCKCHAIN-ENABLED) – AVANEER HEALTH
CLOUD SOLUTIONS - CLEARDATA
COMPLIANCE & RISK MANAGEMENT SOLUTION - CLEARWATER
CYBERSECURITY AWARENESS TRAINING & EDUCATION – FORTIFIED HEALTH SECURITY
DATA ENCRYPTION – IBM GUARDIAN DATA ENCRYPTION
DDOS – RADWARE
EMAIL ENCRYPTION - ZIX
END POINT SECURITY SOLUTIONS – SYMANTEC ENDPOINT SECURITY
ENTERPRISE FIREWALL NETWORKS – FORTINET
GENERAL DATA PROTECTION REGULATION VENDORS (US-BASED FIRMS) – SAILPOINT
IDENTITY MANAGEMENT & GOVERNANCE SOLUTIONS – CYBERARK
INTRUSION DETECTION & THREAT PREVENTION – CISCO UMBRELLA
INTERNET OF MEDICAL THINGS (IOMT) & MOBILE HEALTHCARE DEVICE MANAGEMENT/EDM – MEDIGATE CLAROTY
OUTSOURCING & SECURITY NETWORK MANAGED SERVICES - CLOUDWAVE
PATIENT PRIVACY MONITORING& HIPAA SOLUTIONS – IATRIC SYSTEMS HAYSTACK
RANSOMWARE PROTECTION – SEMPERIS
SECURITY ANALYTICS – BARRIER1
SECURE COMMUNICATIONS PLATFORMS: PHYSICIAN PRACTICES – PERFECTSERVE
SECURE COMMUNICATIONS PLATFORMS: HOSPITALS & HEALTH SYSTEMS – SPOK
SECURE HEALTHCARE WEB GATEWAYS & PROTECTION – PALO ALTO NETWORKS
SECURITY INFORMATION & EVENT MANAGEMENT SOLUTIONS (SIEM) – AT&T CYBERSECURITY
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About Black Book Research
Black Book Market Research LLC, its founder, management, and staff do not own or hold any financial interest in any of the cybersecurity vendors covered and encompassed in the surveys it conducts. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor notification of rating results and does not solicit vendor participation fees, review fees, inclusion or briefing charges, and/or vendor collaboration as Black Book polls vendors' clients.
In 2009, Black Book began polling the healthcare user and client experience of now over 1,900,000 healthcare software and services users. Black Book expanded its survey prowess and reputation of independent, unbiased crowd-sourced surveying to IT and health records professionals, physician practice administrators, nurses, financial leaders, executives, and hospital information technology managers. Cybersecurity services and product satisfaction and client experience polling were exclusively initiated in the healthcare industry in 2011 by Black Book Market Research LLC.
Press Contact, research@blackbookmarketresearch.com for additional information.
Source: Black Book Research
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