ABI Research: Global Healthcare Cyber Spend to Hit $10B by 2020

ABI Research has described the healthcare sector as “ill-prepared for the new cyber age” as the research firm projects the global healthcare cybersecurity spending to reach $10 billion by 2020.

The estimated spending is less than 10 percent of the total budget for critical infrastructure security worldwide compared with other critical industries, ABI Research said Wednesday.

“Cybersecurity for healthcare is still a small, fragmented market but the potential opportunities for expansion are large and will continue to grow as healthcare organizations increasingly come under cyberfire,” said Michela Menting, ABI Research digital security practice director.

ABI Research noted a rise in medical identity theft and fraud following hundreds of cases of personal data breaches over the past two years.

“Hospitals, clinics, trusts, and insurers are constantly under attack from malicious online agents,” the company said.

“The convergence to digital, the implementation of secure cloud solutions, and the protection of data as it flows through mobile health applications are new security issues the healthcare sector is looking to address,” ABI Research added.

ABI Research recommended developers create models for healthcare providers based on the financial services sector’s approach to cyber.