Overview
The global healthcare cybersecurity market is experiencing significant growth, driven by the increasing frequency of cyberattacks and the critical need to protect sensitive patient data.
- Current Valuation: In 2023, the global healthcare cybersecurity market was valued at approximately USD 17.3 billion.
- Projected Growth: The market is expected to reach around USD 56.3 billion by 2030, with a compound annual growth rate (CAGR) of 18.5% from 2024 to 2030.
- Gartner predicts cybersecurity spending in the MENA region will reach $6.7 billion in 2023.
Key Drivers
- Rise in Cyberattacks: The healthcare sector has seen a doubling of ransomware attacks between 2016 and 2021, with two-thirds of healthcare facilities reporting such incidents in 2022.
- Financial Impact: In 2021, the average ransomware payment in the healthcare industry was $197,000, marking a 33% increase from the previous year.
Recent Trends
- Decline in Ransomware Payments: Despite the rise in attacks, 2024 saw a significant 35% drop in ransomware payments, totaling $814 million compared to $1.25 billion in 2023. This decline is attributed to enhanced law enforcement actions and improved cybersecurity measures.
Prevalence of Cyberattacks
- In 2024, 92% of healthcare organizations experienced a cyberattack, an increase from 88% in 2023.
- Ransomware attacks affected 67% of these organizations in 2024, up from 60% in 2023 and nearly double the 34% reported in 2021.
Financial Impact
- The average cost of a data breach in healthcare decreased by 10.6% in 2024.
- Despite this reduction, healthcare continued to have the highest breach recovery costs across industries, averaging $9.77 million per incident
Israel’s Role
Israel’s healthcare cybersecurity market is experiencing significant growth, with revenues of $306.3 million in 2023, projected to reach $1,015.6 million by 2030, reflecting a CAGR of 18.7%.
This expansion is part of a broader trend, as the global healthcare cybersecurity market was valued at $16.66 billion in 2023 and is expected to reach $75.04 billion by 2032, with a CAGR of 18.5%. Israel’s robust cybersecurity industry, which raised $8.8 billion across over 100 deals in 2021, positions the nation as a key contributor to advancing cybersecurity solutions in the healthcare sector.
Here are some of the leading Israeli Companies:
CyberMDX
Website: https://www.cybermdx.com/
CyberMDX, a pioneer in medical cybersecurity, provides network visibility and threat prevention for connected medical devices and clinical assets. Their MDefend solution ensures operational resilience by offering continuous endpoint discovery, comprehensive risk assessments, and AI-assisted containment and response measures.
MediGate
Website: https://www.medigate.io/
Medigate is a dedicated medical-device security platform protecting connected medical devices on healthcare provider networks. Medigate delivers complete visibility into devices and risk, detects anomalies, and actively blocks malicious activities. Medigate enables providers to ensure the delivery of critical treatment and the protection of patient information.
Cynerio
Website: https://www.cynerio.com/
Cynerio specializes in securing connected medical devices to ensure patient safety and data protection. Their solutions combine behavioral learning with medical workflow analysis, providing comprehensive visibility into device activities, detecting anomalies, and mitigating threats within healthcare networks.
Sternum
Website: https://www.sternumiot.com/
Sternum provides on-device, real-time security and observability for IoT devices, enabling real-time prevention of ransomware attacks, device manipulations, data theft, and hacking for both new and post-market devices. Their solution integrates seamlessly into development environments, offering efficient protection with minimal overhead.
Reflectiz
Website: https://www.reflectiz.com/
Reflectiz offers a non-intrusive SaaS solution that provides comprehensive website security by continuously monitoring third-party code to detect vulnerabilities and emerging threats, such as client-side attacks and data leaks. Their platform enables organizations to maintain robust protection without requiring prior setup or installation.
Symmetrium
Website: https://symmetrium.io/
Symmetrium offers a zero-trust mobile data governance and security platform that transforms any mobile device into a virtual extension of the enterprise network. Their Virtual Mobile Device (VMD) solution provides secure, native mobile workspaces through low-latency, end-to-end encrypted streaming, ensuring no data resides on external devices. This approach maintains strict authentication and authorization protocols, effectively minimizing the risk of data breaches.
Terrazone
Website: https://terrazone.io/
TerraZone offers a unified Zero Trust SaaS platform that enables businesses to secure and control corporate assets globally. Their patented reverse access technology allows sensitive data to remain on-premises while applications run safely from TerraZone’s cloud platform. This approach prevents ransomware distribution and enhances application management protection.
Ke-La
Website: https://www.kelacyber.com/
KELA provides actionable cyber threat intelligence by monitoring the cybercrime underground, enabling organizations to proactively detect and mitigate digital security risks.
Salvador Technologies
Website: https://www.salvador-tech.com/
Salvador Technologies offers innovative business continuity services that ensure rapid recovery of critical workstations and servers globally. Their pioneering failover technology enables seamless continuity for ICS and OT systems, reducing downtime to just 30 seconds with a single click activation. Designed for critical infrastructures, their platform ensures operational continuity of SCADA systems through patented air-gap protection technology.
Infognito
Website: https://infognito.net/
Infognito, founded in 2020, is a dynamic company offering innovative security solutions to manage and protect sensitive organizational data. Initially serving the Israeli market, Infognito has expanded to Europe, the US, and Asia, assisting numerous clients worldwide. Their mission is to simplify sensitive data management across organizational data stores.
ThriveDX
Website: https://thrivedx.com/
ThriveDX offers comprehensive human factor security solutions through customizable training programs designed to enhance organizational cybersecurity. Their skills-based learning model provides engaging, interactive, and practical on-demand training, empowering employees with the knowledge to protect their organizations. By focusing on the human element, ThriveDX addresses the root causes of security vulnerabilities, ensuring a robust defense against cyber threats
Finding. Co
Website: https://findings.co/
Findings offers a comprehensive platform that automates supply chain risk management and compliance for enterprises and vendors. Utilizing cutting-edge technologies such as assessment automation, continuous cloud monitoring, and Vulnerability Disclosure Platform as a Service (VDPaaS), Findings streamlines compliance processes and enhances security across the supply chain.
Infinidat
Website: https://www.infinidat.com/en
Infinidat commissioned IDC to evaluate the financial benefits of their InfiniBox enterprise storage platform. IDC’s research, based on interviews with current InfiniBox customers, revealed that organizations experience an average annual benefit of $1.29 million, equating to $166,700 per petabyte of storage. The study also highlighted a 162% return on investment over five years, with a payback period of just 11 months. These findings underscore the compelling economic advantages for enterprises considering InfiniBox for their storage solutions.
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