News, Policy & Media

03Feb

Cyber security market expected to grow in medical technologies

The cyber security market is set to grow massively over the next decade due to the increase of virtual health technologies being adopted into healthcare services, both public and private. Remote-access medical devices will be leading to a large demand in protective services for virtual health technologies as the COVID-19 pandemic reshapes the delivery of healthcare communications. Telehealth applications such as virtual appointments and remote patient monitoring have facilitated medical care over the past year more and more. Their uptake allows for consultations to continue without the risk of a patient carrying the virus or becoming infected with it upon visiting a healthcare setting. 

However, the risk of cyber-attacks has grown alongside the adoption of these technologies catering to personal health matters. “Healthcare providers must ensure they balance investment in new technologies with cyber security measures and training, and manufacturers must create products that are secure against vulnerabilities”, said an analyst from GlobalData, an analytics firm. An influx of remote-accessible devices - from wearable sensors that transmit patient health data, to remote-controllable robotic surgery devices – has increased complexity and exposes weak points which are vulnerable to attack from cyber criminals. As such, the market for cyber security could see revenues climbing from $115bn in 2020 to $237bn by 2030. Potential cyber-attack avenues include email servers, cloud storage, network access points, patient databases and careless employees. Serious risks of cyber infiltration include: a loss of revenue through the need to repair systems, leaked confidential information on patients and even the loss of life due to disruption in hospital computer systems.

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