Despite warnings in 2023 to strengthen cybersecurity defenses, ransomware assaults proceed, leading to important monetary losses, enterprise interruptions, and affected person care dangers.
TAMPA, Fla., April 30, 2024 (Newswire.com) – The tenth Annual Black Book Research “State of the Healthcare Cybersecurity Industry” report evaluates person satisfaction amongst 2,797 CISOs, CIOs, and information Insights from safety, affected person information privateness consultants revealed. More than 400 software program, companies and consulting firms are taking part. In addition, a survey of 1,959 healthcare shoppers was carried out to seize exterior consciousness and confidence in healthcare suppliers’ and payers’ efforts to guard client and organizational information.
Additional analysis carried out by Black Book on hospital and doctor practices in Q3 2023 discovered that many cybersecurity options acquired earlier than 2023 will probably be outdated and won’t be efficient towards the evolving hacking and breach panorama in 2024. warned that it might disappear. This can pose a major risk to suppliers with marginal outcomes. Risk of closure as a consequence of monetary burden and reputational harm as a consequence of cybersecurity incidents. Additionally, the proliferation of distant entry methods, reliance on much less safe third-party IT distributors, and elevated digital affected person consultations create extra vulnerabilities that would enable cyberattacks to penetrate healthcare know-how platforms.
Last 12 months noticed a major spike in ransomware assaults concentrating on the healthcare {industry}. In 2023, 46 hospital methods fell sufferer to such assaults, a notable enhance from 25 in 2022 and 27 in 2021. These assaults instantly affected not less than 141 hospitals, resulting in disruption of IT methods and affected person information unavailability. The common value of a healthcare information breach reached an all-time excessive of $11 million in 2023, a rise of 53% since 2020. Thirty-three of the 46 assaults on healthcare methods resulted within the theft of delicate information, together with protected healthcare. info.
In 2022, the typical ransom cost was lower than $6,000. But by 2023, there was a staggering 25,000% soar, and the typical cost skyrocketed to about $1.5 million. This dramatic enhance in income permits ransomware teams to develop their operations and allow extra assaults by paying early entry brokers and buying zero-day vulnerabilities.
As a outcome, the healthcare cybersecurity vendor and advisory market is anticipated to expertise important development, with supplier and payer IT professionals planning strategic investments of over $140 billion by 2025. This surge is pushed by an escalation in cyberattacks concentrating on healthcare methods and payers within the first two quarters of 2020. 2024.
Ransomware assaults on U.S. healthcare suppliers will attain a staggering $28.2 billion in 2022, and safety breaches alone will value healthcare firms a whopping $7.3 trillion by the tip of Q3 2023. introduced. Documented information breaches amongst medical practices and doctor teams elevated by 72% from 2019 to 2022, and amongst hospitals and well being methods by 59% over the identical interval. Additionally, 82% of IT directors reported a number of ransomware hits of their group in 2023 alone.
The 2024 ransomware assault on Change Healthcare, owned by company large UnitedHealth Group, has resulted in $872 million in losses thus far, in response to the corporate’s newest earnings report. Change Healthcare and his UHG subsidiary, Optum, took a whole bunch of suppliers offline because of the incident and confronted criticism from the White House and Congress over their response to the ransomware assault.
Doug Brown, president of Black Book Research, stated: “The affect of the latest ransom assault on the nation’s largest cost processor vendor goes past disrupting claims processing and disrupting essential processes important to sustaining affected person care. “These tangible results on human well being are clear.” Comprehensive cybersecurity measures throughout the healthcare sector are urgently wanted. ”
According to Black Book analysis, healthcare information breaches value a median of $697 per incident, the best value for the {industry} in a decade. This quantity is greater than 4 instances the industry-wide common of $170 per incident, highlighting the essential significance of cyber information safety to the supplier and payer sectors.
In an accompanying Black Book survey of healthcare shoppers, 91% expressed elevated concern concerning the potential for misuse of their well being info by exterior events. Due to present safety dangers, 79% of shoppers are reluctant to share their well being information electronically as a consequence of privateness issues throughout supplier methods. Consumer confidence in healthcare suppliers’ compliance with HIPAA and information privateness laws is considerably decrease, with solely 8% expressing excessive confidence.
Furthermore, 97% of healthcare shoppers are skeptical concerning the effectiveness of present authorities laws in defending their well being information. 22% of shoppers consider they might take into account switching to a supplier that prioritizes information privateness safety if they might evaluate or confirm every supplier’s information safety know-how.
90% of Chief Information Security Officers (CISOs) consider that software program and repair distributors don’t adequately tackle cybersecurity processes and scale back implementation complexity, leading to a greater person expertise for healthcare prospects. I feel it is being blocked.
86% of medical insurance IT professionals agreed that information attackers will outnumber organizations and payers will proceed to be at a drawback with regards to addressing vulnerabilities in 2024.
“Many well being system CISOs and CIOs at the moment are compelled to implement next-generation cybersecurity instruments and options to guard their organizations’ information and keep monetary viability.” stated Doug Brown, President of Black Book™. “The healthcare sector is going through a rising variety of threats, particularly with the rising adoption of telemedicine, exterior clearinghouses, outsourced IT companies, and distant affected person monitoring, in addition to malware, ransomware, information breaches, affected person privateness issues, phishing assaults, and cyber threats. We are going through rising threats equivalent to.
Black Book Market Research LLC conducts a complete ballot of healthcare executives and frontline customers to evaluate present know-how and repair partnerships. These evaluations embody recognizing the best-performing distributors primarily based on his three metrics of buyer loyalty, in addition to qualitative measures of buyer expertise and resolution/service satisfaction. The present voting interval collects buyer experiences from quite a lot of distributors, together with information safety companies, core merchandise and options, software program, consulting, and outsourcing.
Black Book surveyed customers throughout 25 classes of cybersecurity distributors, consultants, and advisors to create the beforehand printed 2024 Ratings of Top-Performing Suppliers in Healthcare. Complete rankings of a whole bunch of distributors can be found at https://blackbookmarketresearch.com/health-data-security-and-privacy.
According to an intensive crowdsourced survey of customers, these are the top-performing healthcare {industry} distributors and consultants by way of buyer satisfaction in engagement and adoption in 2024.
End-to-End Enterprise Cybersecurity Suite Software and Services – CROWDSTRIKE
Cyber Security Advisor and Consultant – Clearwater
Application Security Testing Solution – Healthasyst
Authorization/Authentication and Single Sign-On Solution – IMPERVA
Secure Digital Collaboration Platform (Blockchain Enabled) – AVANEER HEALTH
Cloud Solution – CLEARDATA
Compliance and Risk Management Solutions – Clearwater
Cybersecurity Awareness Training and Education – Strengthening Health Security
Data Encryption – IBM Guardian Data Encryption
DDOS – Radware
Email Encryption – ZIX
Endpoint Security Solutions – Symantec Endpoint Security
Enterprise Firewall Network – Fortinet
General Data Protection Regulation Vendor (US-based firm) – SAILPOINT
Identity Management and Governance Solutions – CYBERARK
Intrusion Detection and Threat Prevention – Cisco Umbrella
Internet of Medical Things (IOMT) and Mobile Healthcare Device Management/EDM – MEDIGATE CLAROTY
Outsourcing and Security Network Management Services – Cloudwave
Patient Privacy Monitoring and HIPAA Solutions – IATRIC SYSTEMS HAYSTACK
Ransomware Protection – SEMPERIS
Security Analysis – Barrier 1
Secure Communication Platform: Physician Practice – PERFECTSERVE
Secure Communication Platform: Hospitals and Health Systems – SPOK
Secure Healthcare Web Gateway and Protection – Palo Alto Networks
Security Information and Event Management Solutions (SIEM) – AT&T Cybersecurity
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About Black Book Research
Black Book Market Research LLC, together with its founders, administration, and workers, holds no monetary curiosity within the cybersecurity distributors studied. They transparently and independently report satisfaction and buyer expertise rankings, publish outcomes earlier than notifying distributors, and don’t solicit charges or cooperation from distributors. Black Book has been researching customers of healthcare software program and companies since 2009, increasing protection to incorporate IT and medical information professionals, docs, nurses, monetary leaders, executives, and hospital IT managers. doing. They started his analysis in 2011 on cybersecurity companies and product satisfaction particularly throughout the healthcare {industry}.
For extra info, please contact media shops at analysis@blackbookmarketresearch.com.
Source: Black Book Research