The Cybersecurity Spending on Medical IoT Devices to Increase 3 Fold by 2021: An ABI Research Report
By apacciooutlook | Monday, December 03, 2018
FREMONT, CA: ABI Research unveils latest report on cybersecurity spending on medical IoT and finds the investment to grow by three times in the forecast period 2016-2021. The report further reveals that the connected medical devices bring new threat vectors which can undermine patient safety if not detected in time.
The spending on secured medical devices has increased as the Other Equipment Manufacturers (OEMs) unit are emphasising the need of embedding security in the hardware and performing OTA updates.
The medical devices may suffer from variousmalicious threats such as code errors in software, use of hardcoded passwords, disabling of firewalls, lack of authentication mechanisms, and unencrypted communications. The devices need to address both the technical and health care issues to overcome these challenges.
The medical device cybersecurity has found major growth in the U.S. region and are expected to grow globally in the forecast period.
"We estimate spending by healthcare providers and OEMs on healthcare cybersecurity to reach $5.5 billion by 2016," says Michela Menting, Research Director at ABI Research. "However, only $390 million of that will be dedicated to securing medical devices. Healthcare stakeholders have to understand that there is a new hostile environment that will emerge around networked medical devices and that threat actors have multiple levels of skills and diverging motivations for attacking the medical IoT."