Growing Number of Industries Realize the Urgency for Ransomware Protection
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., July 12, 2023 /PRNewswire/ -- Various industry reports say that the ransomware protection market revenues are projected to continue to increase from today through 2030. And a growing number of industries, such as Healthcare are realizing the importance of ransomware protection. Ransomware is the biggest and most hazardous cyber threat, which gets installed on the duped person's computer either by enciphering the files or by locking the complete system unless a ransom is offered or paid. Thus, to protect the systems and to overall enhance the security, the organizations have made investments greater than before particularly in securing the network, data, and endpoints from various advanced cyber threats and crypto-malware including ransomware. A report from Zion Market Research projected that the global ransomware protection market size was worth around USD 20.3 Billion in 2022 and is predicted to grow to around USD 73.9 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 17.5%between 2023 and 2030. The report said: "The advantages of ransomware protection services and solutions are not widely known among security experts. Systems are becoming increasingly distributed, adaptable, and diverse, which has resulted in a significant increase in the quantity of data collected for security services. As the amount of data created by various infrastructure components rises, it has become difficult for any IT organization to distinguish critical data from non-essential data. Moreover, security experts' lack of familiarity with ransomware protection software and solutions is projected to limit their ability to take advantage of the global ransomware protection market prospects. Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Health Catalyst, Inc. (NASDAQ: HCAT), Evolent Health (NYSE: EVH), Definitive Healthcare (NASDAQ: DH), NextGen Healthcare, Inc. (NASDAQ: NXGN).
Zion Market Research continued: "Data leaks and other security breaches are occurring more often all around the world. Many companies from a variety of industries have experienced phishing attacks at some point. They affect security systems because loss is caused by various offline surveillance systems. Massive data loss is considerably different from average IT breakdowns. Security against ransomware reduces the risk that an attack will be successful, reduces the window for recovery for enterprises, and removes the potential of a prolonged company shutdown."
Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS: Healthcare Triangle Launches Ransomware Initiative Aimed at Protection and Prevention for Healthcare Providers - Company to educate and guide best practices for maintaining resiliency in the face of increasing ransomware attacks in healthcare - Healthcare Triangle Inc. ("HCTI" or the "Company"), a leader in digital transformation solutions including managed services, cloud enablement, and data analytics for the healthcare and life sciences industries, today announced its launch of a new initiative aimed at preparing healthcare organizations with critical tools and guidance for preventing and responding to ransomware incidents.
Ransomware attacks on the U.S. healthcare sector have more than doubled from 2016 to 2021 and have exposed confidential and protected medical information of nearly 42 million patients. Most recently, CalPERS and CalSTRS, the nation's two largest public pension funds, were attacked with a data breach that exposed personal information on 1.2 million government retirees and beneficiaries. In May, Johns Hopkins University and Johns Hopkins Health experienced a similar cyberattack and data breach. Both incidents have been attributed to a Russian hacker group known as the Cl0p ransomware syndicate. Meanwhile, while large institutions and healthcare systems address major attacks, rural hospitals particularly vulnerable to risk are facing significant budget constraints for ransomware protection and need assistance from the federal government. In response, U.S. Senator Josh Hawley's "Rural Hospital Cybersecurity Enhancement Act" passed through committee on June 14, 2023, and now heads to the Senate floor. Healthcare Triangle applauds this and other actions by the U.S. Congress to address the growing threat of ransomware attacks, including the work of the Joint Ransomware Task Force (JRTF), an interagency effort to reduce ransomware.
Lena Kannappan, head of business, strategy and partnerships for Healthcare Triangle, stated, "Generative AI and data modernization technologies can play a key role in improving patient outcomes and streamlining healthcare operations. However, looming ransomware threats can severely impact patient care, disrupt operations, cause financial losses, put community lives at risk, and force hospitals to shutter operations. With our new ransomware initiative, our Company's goal is to take a proactive leadership role in educating and equipping rural hospitals, community hospitals, and large health systems in need with critical resources for improving their preparedness, prevention, detection, response, and recovery from ransomware incidents. We are engaged in discussions with several healthcare systems about this initiative and look forward to raising awareness and delivering robust, best-in-class solutions throughout the healthcare and life sciences industries." CONTINUED… Read this full release for Healthcare Triangle at: https://www.healthcaretriangle.com/investors/
Other recent developments in the markets include:
Health Catalyst, Inc. (NASDAQ: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, recently announced an expanded partnership with the Ohio Health Information Partnership (The Partnership) who operates CliniSync, a nonprofit Health Information Exchange that facilitates the sharing of patient records between providers, hospitals, and health systems throughout Ohio.
The Partnership has selected KPI Ninja by Health Catalyst™, a comprehensive, end-to-end interoperability platform built for Health Information Exchanges (HIE), to enhance data exchange at scale in a rapid, real-time process. "The expanded partnership with HCI and KPI Ninja will allow CliniSync to continue to expand and grow while meeting ongoing Stakeholder needs for better integration within the workflow and more actionable information," said Dan Paoletti, CEO of the Partnership. "This effort will help Ohioachieve data-driven strategies that will enhance coordination of care and support the population health needs of Ohio."
Evolent Health (NYSE: EVH), a health care company that delivers proven value-based specialty care solutions to payers and providers, recently announced that it is rebranding as Evolent and will integrate its portfolio of solutions and businesses under that name by year's end.
As part of the rebrand, Evolent has released a new tagline—Specializing in Connected Care™—that captures the Company's focus on working across specialties, providers and settings to improve health outcomes. A new corporate logo reflects the simplified focus of the organization going forward.
"This unification of our businesses under a shared mission and purpose is a major milestone in our evolution as an integrated, clinically focused company working to guide better care decisions when people need them the most," said Evolent CEO and Co-Founder Seth Blackley. "By joining under one name and across multiple complex medical specialties, we have an exciting opportunity to make a greater impact on both the quality and cost of care."
Definitive Healthcare (Nasdaq: DH), an industry leader in healthcare commercial intelligence, recently announced three significant enhancements to the Atlas Dataset.
First, the volume of its all-payor medical claims data increased by more than 5%. The Atlas All-Payor Claims Dataset now has more ambulatory and outpatient coverage, including 40% more claims from Federally Qualified Health Centers and 10% more claims for rural health clinics and ambulatory surgery centers. In addition, the Atlas All-Payor Claims Dataset now has increased coverage for states in the western US, including nearly 20% more claims from California, South Dakota, North Dakota, Alaska, and Idaho. The Atlas Dataset also significantly expanded the volume of claims for multiple therapy areas, including a 10% increase in digestive disease-related claims.
NextGen Healthcare, Inc. (NASDAQ: NXGN), a leading provider of innovative, cloud-based healthcare technology solutions, recently announced Haymarket Center has chosen NextGen®Enterprise EHR and NextGen® Practice Management (PM) to deliver 24/7 whole-person care in Illinois.
Haymarket Center serves 12,000 people annually and is the largest and most comprehensive provider of treatment for substance use and mental health disorders in Chicago. With an approach combining the full continuum of healthcare, the center offers comprehensive services that address barriers a person might face throughout their recovery journey. This comprehensive method includes onsite primary care for patients, in part due to Haymarket's recent designation as a federally qualified health center look-alike (FQHC LAL).
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