Cybersecurity is an important consideration for many industries, but the healthcare, pharma, and medical device sectors are particularly susceptible to cyberattacks. Personal healthcare information is highly valuable to hackers, and the medical industry is known to be slow to adopt new technology and update existing products to patch security vulnerabilities. GlobalData forecasts that spending on cybersecurity in the medical device sector will grow from $869 million to $1.2 billion between 2020 and 2025, at a Compound Annual Growth Rate (CAGR) of 7.3%—only accounting for about 11.3% of health cybersecurity spending and 0.6% of the forecast global security spending of $198 billion for 2025. Read more in GlobalData’s recent report, Cybersecurity in Healthcare 2022.
