Cyber Markets Round-up: Week 19, May '23: Zero Trust: way forward for businesses as companies in the healthcare industry suffer cyber attacks

WHAT’S NEW

Healthcare cyberattacks are on the rise: Here's why zero trust will prevent care disruptions

One survey by the Healthcare Information and Management Systems Society found that 73% of healthcare provider organizations use legacy IT systems, which are costly to support and often rife with gaps in security. This makes the sector an easy – and potentially lucrative – target for ransomware operators. But this vulnerability is not solely down to software and systems but also to how data and devices are managed within individual organizations.

Failure to adopt a prevent-first approach

Just as it is better to inoculate a patient with a vaccine to prevent them from getting infected, it’s better to detect and prevent cyberattacks before they revea themselves on a network. Real-time threat detection solutions can help to uncover anomalous traffic patterns and real-time threat intelligence can actively block malware before it breaches a network. [World Economic Forum]

Plurilock Receives Funding from the Government of Canada for Research of New Behavioural Biometric Techniques

Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) an identity-centric cybersecurity solutions provider for workforces, is pleased to announce that the Company's wholly-owned subsidiary, Plurilock Security Solutions Inc., has received advisory services and up to $75,000 in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support Plurilock's research and development of the application of behavioural biometric techniques against the behaviour of computer systems and processes.

NRC IRAP is the leading innovation assistance program in Canada that provides advice, connections, and funding to help small and medium-sized businesses. The funds received represent the third time the Company has obtained financial support from NRC IRAP since 2018. The Company intends to utilize the funds to develop algorithms to detect malware by its actions and behaviour, which will be added to the continuous authentication feature of the Company's flagship cybersecurity platform, 'Plurilock'. [Yahoo! Finance]

Mounting Cyber Threats Mean Financial Firms Urgently Need Better Safeguards

Tight financial and technological interconnections within the financial sector can facilitate the quick spread of attacks through the entire system, potentially causing widespread disruption and loss of confidence. Cybersecurity is a clear threat to financial stability.

Some key findings:

• 56% of the central banks or supervisory authorities do not have a national cyber strategy for the financial sector.
• 42% lack dedicated cybersecurity or technology risk-management regulation, and 68% lack a specialized risk unit in their supervision department.
• 64% do not mandate testing and exercising cyber security measures or provide further guidance.
• 54% lack a dedicated cyber incident reporting regime.
• 48% do not have cybercrime regulations. [International Monetary Fund (IMF)]

Healthcare Cybersecurity Market worth $35.3 billion by 2028, growing at a CAGR of 14.2%

The global Healthcare Cybersecurity Market size is projected to grow from USD 18.2 billion in 2023 to USD 35.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period.

The increasing use of healthcare IT solutions in outpatient care facilities and IoT technology playing a critical role in the healthcare cybersecurity sector are a few factors contributing to the healthcare cybersecurity market's promising growth potential. [Markets and Markets Study]

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