Healthcare ransomware attacks to jump 4-fold by 2020: 5 report findings

The healthcare security market is projected to soar over the next five years, according to report by Herjavec Group, a Toronto, Canada-based information security firm.

Here are five takeaways.

1. Ransomware attacks on healthcare organizations will increase four-fold by 2020, according to Cybersecurity Ventures. This increase in threat risk, along with growing government scrutiny on the industry, will drive healthcare organizations to spend more on cybersecurity.

2. The global healthcare cybersecurity market will surpass $65 billion through 2021, according to Cybersecurity Ventures, representing almost 15 percent year-over-year market growth. Although this amount sounds steep, Cybersecurity Ventures says it is similar to other industries.

3. This $65 billion will go toward purchasing a range of security solutions, including identity and access management; risk and compliance management; antivirus and antimalware software; intrusion detection services; and intrusion prevention systems.

4. The cybersecurity workforce shortage poses a particular challenge for the healthcare industry. Recent research suggests there will be 1 million unfilled cybersecurity job openings in 2017. Healthcare organizations are competing against large tech and financial companies for the existing cybersecurity workforce.

5. Outside of cybersecurity, the Herjavec Group also suggests healthcare organizations invest in backup systems. By comprehensively backing up patient records and other systems, healthcare organizations can avoid feeling pressure to pay a ransom demand.

"Healthcare organizations are a prime target for cyberattacks because they're focused on what they do best — providing patient care," said Robert Herjavec, founder and CEO of Herjavec Group. "In the majority of cases, budgets are spent on research, on advancing treatment, and rightfully so, on patient care."

Click here to view the full report.

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