The IoT healthcare market is expected to grow by about 30 percent and reach more than $322 billion by 2025. From wearable tech to streamlined and more accessible data in the industry, the internet-of-things is helping practically every industry find benefits that everyone involved, including hospitals, doctors, insurance providers, and patients, can see.
Digital health transformation is changing the way the healthcare market is helping researchers and doctors and scientists save lives. But at what cost? Being more digitally connected than ever, the healthcare market is primed to benefit from the digital landscape it’s entering into, but it’s also opening itself up for major cybersecurity issues.
From lab results to appointments to remote monitoring, every aspect of healthcare IoT can be infiltrated. Here’s what the industry needs to consider when implementing IoT technology in its system.
Integration in Healthcare Facilities
Implementing IoT in the healthcare system may sound great on paper, and it is, but doesn’t happen overnight. Doing this would be a massive overhaul and a multifaceted approach. It requires licensing approval from medical facilities in which are being integrated. And once licensing is done, every hospital, doctor’s office, and health-related facility has its own unique approach to medical record systems. This means a unique integration is required for each facility location.
Like any tech-based integration, cybersecurity risks are lurking. Healthcare IoT devices hold sensitive information and medical material that must be protected to the highest level. IoT devices in the healthcare industry come with vulnerabilities that can be infiltrated by cyber hackers looking to use that information to leverage into ransoms.
Healthcare companies using IoT should make sure to invest in the highest-quality cybersecurity protection to look over all vulnerabilities and detect even the slightest issue in their systems. They can also look into cybersecurity insurance through third-party sellers, such as Highland Risk. Highland Risk provides agents and brokers in the healthcare insurance market the protection that clients can use to be financially protected following a cybersecurity fallout.
The important need to protect data and information makes cybersecurity risks important to consider in the IoT healthcare development process.
Data Collection Monitoring
IoT products and services can provide actionable insights that can be extracted from huge datasets. These can end up providing the information needed to help save lives and cure people. When a medical device with IoT capabilities first collects the data, it is in an unreadable format, or basically a lot of data points on a page. From here, the IoT system helps to convert the data into actionable insights. The more data that is generated, the more storage and analysis that is required, which increases costs overall.
These issues, and others like them, may seem daunting, but healthcare companies and facilities can still make headway in the digital transformation of the industry itself. Protecting companies and clients’ information with cybersecurity protection and cybersecurity insurance can help to right the ship while IoT begins to find its footing and pave the way for a more dependable and actionable future in healthcare technology.
About Highland Risk Services
At Highland Risk, we use our expertise and experience to provide insurance information and programs to those who serve long-term care and senior living facilities. Since 2007, we’ve been offering insurance and risk management plans designed to help our agents give their clients the ability to achieve continued growth while simultaneously protecting against loss, containing costs and increasing profitability. With offices to serve you in Chicago, Illinois and Phoenix, Arizona, we do everything we can to make your experience with us as professional and transparent as possible. To learn more, contact us at (877) 890-9301.