According to a new report by Grand View Research, the lack of adequate IT spending by healthcare organizations and lack of awareness about cybercrime have exposed the vulnerabilities of healthcare organizations. The overall impact of cyber-attacks on the hospitals and healthcare systems is estimated to be nearly six billion per year.
Key factors attributing to the growth of the market include the increasing incidences of cyber-attacks for misuse of electronic patient health records (E-PHR), social security records, IP theft, and others.
Furthermore, these organizations face internal threats due to factors such as the use of cloud services, unsecure networks, employee negligence, bring your own device (BYOD), lack of internal identification and security systems, stolen devices with un-encrypted files.
The US is a prime target for cybercrimes due to, the presence of large fortune 500 healthcare organizations, full scale implementation of digital patient records, and use of extensive social security ids for various transactions. Asia Pacific is identified as one of the most lucrative regional market, growing at a CAGR of over 8.5% during the forecast period. Rapidly improving healthcare infrastructure and high level economic growth in developing countries such as China, India, and South Korea is expected to boost usage rates over the forecast period.
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