The healthcare industry has undergone some major changes in the past decade. The good news is that almost all those changes have contributed to the betterment of the industry with both medical facilities and patients being the beneficiaries.

However, there are some newfound vulnerabilities too; examples include cybersecurity threats. The section below talks about the most common cybersecurity threats faced by the healthcare industry.

Ransomware

Ransomware is a kind of malware known for infecting files and systems and making them inaccessible to the owner until he pays a ransom. This medical security issue can be triggered in one or more of the following ways:

• Through a phishing email containing malicious attachments
• Upon clicking malicious links
• As a result of viewing advertisements containing malware (the phenomenon is referred to as malvertising)

Data Breach

It has become extremely common for hospitals to become victims of data breaches. A recent survey has revealed that healthcare organizations are bigger victims of this cybersecurity issue than any other public or private sector company.

There are several criminal activities for which unscrupulous individuals can use the patients’ data. However, the most common ones among them are:

Leveraging information on particular terminal illnesses or major diseases

Carrying out long-term identity theft

DDoS Attacks

DDoS (Distributed Denial of Service) attacks are widely used by cybercriminals and hacktivists for overwhelming networks until they become completely inoperable. A DDoS attack can make life difficult for medical practitioners who cannot offer adequate patient care without accessing the compromised network. Problems may also arise when a healthcare provider fails to receive and send emails, records, data, and prescriptions as a result of not having a running Internet connection following a DDoS attack. 

If you want to protect your medical center from falling prey to any of the above cybersecurity issues, get in touch with Asimily. They will help you in overcoming such security and risk management challenges effortlessly.

Increasing patient population in this region, rapid return on investment (ROI), and rising government initiatives to improve the patient safety & patient outcomes in healthcare. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.

 

How much is the Patient Safety and Risk Management Software Market worth?

The Patient Safety and Risk Management Software market to reach USD 2.2 billion by 2024 from USD 1.3 billion in 2019, growing at a CAGR of 11.2% during the forecast period. The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market. North America accounted for the largest share of this market majorly due to the favorable regulations (such as Patient Safety Act and Patient Protection and Affordable Care Act) combined with the high healthcare IT spending in the region, and greater adoption.

The market for governance, risk & compliance solutions is projected to grow at the highest CAGR during the forecast period

Based on type, the market for governance, risk, & compliance (GRC) solutions is expected to grow at the highest rate during the forecast period. The high growth of this segment is attributed to the increasing number of adverse events to patients across the globe and the effective utilization of GRC solutions. GRC solutions provide safe, high-quality care to patients while maintaining compliance with industry standards and regulations.

The market for ambulatory care centers is expected to witness the highest growth during the forecast period

The market for ambulatory care centers is projected to grow at the highest rate during the forecast period. The high growth rate of this segment can be attributed to the rising need to minimize the risk associated with patient harm. In addition, implementation of patient safety and risk management software is vital for ambulatory care centers as it helps them in the effective management of patient safety events.

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By end-user, the healthcare payers segment is expected to grow at the highest CAGR during the forecast period.

Based on end-user, the patient safety and risk management solutions market has been segmented into hospitals, long-term care centers, ambulatory care centers, pharmacies, and other end-users (primary care providers, ambulance services, pathology laboratories, and mental healthcare centers. The ambulatory care centers segment is expected to grow at the highest CAGR during the forecast period.

North America to account for the largest market size during the forecast period.

 

This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, Asia-Pacific is expected to register the highest growth rate during the forecast period mainly due to the favorable regulations (such as Patient Safety Act and Patient Protection and Affordable Care Act) combined with the high healthcare IT spending in the region, and greater adoption.

Geographically, the patient safety and risk management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to account for the largest share of the patient safety and risk management software market in 2019, followed by Europe. Several healthcare organizations in Asia are actively moving towards digitization to streamline their entire workflow and ensure patient care and safety that resulted in an increased demand for patient safety and risk management software to ensure better patient care.

Leading Companies

The major players in the market include RLDatix (Canada), Verge Health (US), Riskonnect Inc. (US), Clarity Group Inc. (US), RiskQual Technologies (US), The Patient Safety Company (Netherlands), Quantros Inc. (US), Prista Corporation (US), Smartgate Solutions Ltd. (UK), and Conduent Inc. (US).

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 The global enterprise governance, risk and compliance market size is expected to reach USD 64.62 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 12.9% over the forecast period. Implementation of stringent regulations by governments across various verticals such as BFSI, telecom/IT, retail, and consumer goods has necessitated organizations to adopt enterprise Governance, Risk and Compliance (GRC) solutions that fulfil the need for compliance, audit, and risk management, among others.

For instance, in recent years, banks have spent aggressively to ensure compliance to enforcement of stringent laws. Some of the laws and regulations include the Dodd-Frank Act, BASEL III, Sarbanes-Oxley Act, Payment Card Industry Data Security Standard (PCI DSS), and Gramm-Leach-Bliley Act (GLBA). Moreover, in this challenging ecosystem, an integrated approach to GRC translates into bottom-line financial benefits for enterprises, which is anticipated to be a major factor driving market growth.

Enterprise governance, risk and compliance is vital for all industry verticals. However, many organizations in BFSI, telecom, and manufacturing service industries are confronting significant losses as they have deployed systems that lack a holistic view of enterprise risks. They have, however, eventually started to realize that their financial processes are inefficient and the enterprise risk management initiatives they have undertaken are incompetent in view of the growing mandates for regulatory compliance. At the same time, the regulatory and corporate governance scenario is evolving continuously, thereby prompting such services and institutions to roll out a culture that emphasizes standard business practices and balanced risk-taking.

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In recent years, need for compliance management software has grown at a significant rate, which can be credited to the advent of myriad regulations by government bodies across various industries. Enterprises that deliver GRC software are collaborating with various public as well as private organizations for developing and implementing software that can minimize damage caused by various risks within the business.

BFSI sector accounted for a significant market share of over 20.0% in the enterprise GRC market in 2018. The financial sector has become more strategic and cautious, realizing the significance of identifying and mitigating the risks of doing business with corrupt and criminal entities. As a result, large organizations as well as Small and Medium Enterprises (SMEs) are increasingly looking to invest in compliance solutions.

Enterprise GRC software accounted for the largest revenue share based on component in 2018 and is anticipated to maintain its dominance over the forecast period. Implementation of EGRC software helps organizations improve performance, gain visibility, and reduce compliance and risks costs. The services segment is expected to witness a healthy CAGR over the forecast period, attributed to the development of advisory, integration, and software-as-service solutions, which have paved the way for improved performance and implementation.

The report “Enterprise Governance, Risk and Compliance Market” is available now at  https://www.radiantinsights.com/research/enterprise-governance-risk-and-compliance-egrc-market

Further key findings from the report suggest:

• Risk management emerged as the largest software segment in 2018 and is estimated to exhibit steady growth through 2025

• Demand for EGRC solutions in policy management is anticipated to witness significant growth over the next few years

• The large enterprise segment in U.S. has been generating significant revenue in the global market and is projected to continue to do so throughout the course of the forecast period

• Asia Pacific is projected to witness substantial growth over the next decade, owing to various developments across major economies, especially in Internet of Things (IoT) and big data

• Key players operating in the Enterprise Governance, Risk and Compliance market include SAP SE; Thomson Reuters; Wolters Kluwer; MetricStream Inc.; and Bwise.

The rising need to curtail healthcare costs, increasing incidences of medical errors & hospital-acquired infections, and growing government initiatives to improve patient safety and patient outcomes are key drivers of this market. On the other hand, the dearth of in-house IT expertise and the reluctance of healthcare providers to adopt new methods of patient safety and risk management are expected to restrain the growth of the market to a certain extent during the forecast period.