Hospital IoT & IoMT Cyber Security Risk

The specialist Internet of Medical Things (IoMT) risk management platform, Asimly,  has released a new report: Total Cost of Ownership Analysis on Connected Device Cybersecurity Risk which highlights the unique cyber security challenges that Healthcare Delivery Organisations (HDOs) face and the true costs of their IoT and IoMT security risks.

HDOs have a low tolerance for service interruptions to network-connected devices and equipment because of their crucial role in patient outcomes and quality of care.

Resource-constrained HDO security and IT teams continue to face operational difficulties in sufficiently securing critical systems from increasingly-sophisticated attacks, as their vast and heterogeneous IoMT device fleets complicate management and, left unchecked, offer a broad attack surface.

The report concludes that adopting a holistic risk-based approach is the most cost-efficient and long-term-effective path for HDOs to secure their critical systems and IoMT devices.

Among the key findings and analysis included in the new report:

Emerging cyber security trends and challenges:   The report reveals the top cyber attack strategies impacting HDO medical devices right now: ransomware attacks that spread to devices and disrupt services, third-party-introduced malware that impacts device performance, and devices communicating with unknown IP addresses to enable remote breaches. 

Cyber attacks on healthcare providers have become remarkably common: the average HDO experienced 43 attacks in the last 12 months. Unfortunately, many of those attacks are successful, with 44% of HDOs suffering a data breach caused by a third party within the last year alone.    

The high cost of doing nothing:   For HDOs, today’s high-failure status quo can be catastrophic. Cyberattacks cost HDOs an average of $10,100,000 per incident. Worse, cyber incidents are directly responsible for a 20% increase in patient mortality. 64% of HDOs also reported suffering from operational delays, and 59% had longer patient stays due to cybersecurity incidents.

Those financial and operational burdens are pushing many HDOs to the brink: the average hospital operating margin sits at 1.4% in 2023. Currently, more than 600 rural U.S. hospitals risk closure, in an environment where a single cyberattack can put a smaller HDO out of business.    

Poor device health leads to poor outcomes:   HDO security and IT teams face a high-risk environment where the average medical device has 6.2 vulnerabilities. Adding to this challenge, more than 40% of medical devices are near end-of-life and poorly supported (or unsupported) by manufacturers.

Cybersecurity resources and staffing are limited:   Even when device vulnerabilities are recognised, HDO security teams are able to fix only 5-20% of known vulnerabilities each month.

Cyber insurance is no longer enough:   As ransomware attacks and breaches have skyrocketed in recent years, cyber liability insurers are introducing coverage limits and capped payouts, making it a less and less effective recourse for HDOs. At the same time, cyber insurance also fails to address the costly reputational damage an HDO suffers following a breach. “This report details the very current and very significant challenges that HDOs face in defending themselves from cybersecurity risk, and the profound need for holistic and optimised risk reduction strategies as they implement and scale a cyber security risk management program for their connected devices,” said Stephen Grimes, Managing Partner & Principal Consultant at Strategic Healthcare Technology Associates.

Asimily’s risk prioritisation capabilities and clear device vulnerability scoring enable HDO security teams to overcome limited resources and accurately focus on remediating the greatest risks to their organisations, achieving a ten-fold increase in cyber security productivity.

 “As a growing healthcare organisation acquiring clinics and offering new services like ambulatory clinics, you have to stay in front of the risk,” said Kevin Torres, the VP of IT and CISO at MemorialCare, an Asimily customer and leading nonprofit health system in Orange County and Los Angeles County that includes four hospitals along with other specialised clinics.

Hubspot:     Asimily                                  Image: National Cancer Inst. 

You Might Also Read: 

Which Sectors Are Top Targets For Cyber Crime?:

__________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.

  • Individual £5 per month or £50 per year. Sign Up
  • Multi-User, Corporate & Library Accounts Available on Request

Cyber Security Intelligence: Captured Organised & Accessible

« Duolingo Leaks The Data Of 2.6 Million Users
Seiko Attacked By BlackCat »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

NordLayer

NordLayer

NordLayer is an adaptive network access security solution for modern businesses — from the world’s most trusted cybersecurity brand, Nord Security. 

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

DigiCert

DigiCert

DigiCert is the only provider of enterprise-grade SSL, IoT and PKI solutions. Our certificates are trusted everywhere, millions of times every day, by companies across the globe.

Encode

Encode

Encode delivers a cutting edge Security Analytics & Response Orchestration platform and best of breed Cyber Security Operations and Services.

WIRED

WIRED

WIRED is the magazine about what's next – the people, the trends and the big ideas that will change our lives. Topics covered include cyber security.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer is a global law firm with a track record of successfully supporting the world's leading corporations, financial institutions and governments.

CloudInsure

CloudInsure

CloudInsure is a Cloud Insurance platform designed to specifically address emerging liabilities within the Cloud environment.

Oracle Cloud Security

Oracle Cloud Security

Oracle’s cloud security solutions enable organizations to implement and manage consistent security policies across the hybrid data center.

Rohde & Schwarz Cybersecurity

Rohde & Schwarz Cybersecurity

Rohde & Schwarz Cybersecurity provide solutions for Secure Networks, Secure Communications, Network Analysis, and Endpoint Security.

MixMode

MixMode

MixMode's PacketSled platform delivers network monitoring, deep forensic analysis and incident response.

Communications Security Establishment (CSE)

Communications Security Establishment (CSE)

CSE is Canada's national cryptologic agency, providing the Government of Canada with IT Security and foreign signals intelligence (SIGINT) services.

Atlantic Council Digital Forensic Research Lab (DFRLab)

Atlantic Council Digital Forensic Research Lab (DFRLab)

The Atlantic Council’s DFRLab has operationalized the study of disinformation by exposing falsehoods and fake news, documenting human rights abuses, and building digital resilience worldwide.

Sternum

Sternum

Sternum provides reliable and effective endpoint security for any IoT device, using robust technology and seamless integration.

Sayata Labs

Sayata Labs

Sayata delivers a streamlined solution for processing cyber policies. Increase profitability with an easy and intuitive platform.

Berkeley Varitronic Systems (BVS)

Berkeley Varitronic Systems (BVS)

Berkeley Varitronics Systems is an engineering think tank delivering custom wireless RF engineering products and solutions including cyber security.

Absa Cybersecurity Academy

Absa Cybersecurity Academy

Absa Cybersecurity Academy is an initiative aimed at empowering marginalised South African youths to become certified cybersecurity specialists.

Silent Sector

Silent Sector

Silent Sector is a cybersecurity services company that specializes in providing a wide range of managed security services.

eMazzanti Technologies

eMazzanti Technologies

eMazzanti Technologies provides IT consulting services for businesses ranging from home offices to multinational corporations throughout the USA and internationally.

Motiv ICT Security

Motiv ICT Security

Motiv is the ICT security specialist that provides public and private sector organisations with IT security solutions and services to prevent cybercrime, data theft and data breaches.