IoT and cloud adoption will boost cybersecurity investments toward $8.7B by 2023

A new study by Frost and Sullivan shows that the cybersecurity landscape is changing fast in the healthcare industry. Hospitals and health systems are investing in new technologies to protect patient data, leading to a projected market growth of $8.7 billion by 2023. The report highlights areas of focus for IT investments, such as network and endpoint protection, access management, and exploit detection. The demand for cybersecurity expertise is increasing, leading to a shift towards managed service providers. However, budgets for IT and cybersecurity are not growing as fast as the cyber threat. Regulation, like HIPAA and HITECH, is driving the adoption of cybersecurity solutions, but many health systems are still struggling with basic compliance. Overall, healthcare organizations need cybersecurity solutions that can integrate with existing IT systems and scale with emerging technologies.