The healthcare cybersecurity market could be worth up to $26.1 billion by 2027, growing at a CAGR of 19.8%, according to Meticulous Research. Some of the top companies that could benefit from healthcare’s need for better security include Plurilock Security (TSXV:PLUR) (OTC:PLCKF), Palo Alto Networks (NYSE:PANW), Proofpoint Inc. (NASDAQ:PFPT), Crowdstrike Holdings Inc. (NASDAQ:CRWD), and FireEye Inc. (NASDAQ:FEYE).
“Factors driving the growth of the overall healthcare cybersecurity market are the increasing demand for advanced cybersecurity solutions, increasing frequency & complexity of cyber threats, and growing adoption of IoT & connected devices across the healthcare sector. Furthermore, the increasing need for cloud-based security solutions across the healthcare sector, rising use of smartphones & connected devices, and growing adoption of 5G technology are expected to further contribute to the growth of the healthcare cybersecurity market over the coming years,” they noted.
Plurilock Security (TSXV:PLUR)(OTC:PLCKF) Secured Order with U.S. Pharma Manufacturer
Plurilock Security, an identity-centric cybersecurity solution provider for workforces, has secured an order through GiaSpace, an IT service reseller, to license its advanced continuous authentication software to a regional pharmaceutical manufacturer based in the southeastern United States.
Plurilock was approached to implement its proprietary continuous authentication software to protect against credential sharing, unauthorized access, and phishing attacks to ensure business continuity. In the pharmaceutical industry, an organization’s key asset is its intellectual property, and with the continued rise in cyberattacks, a breach could be devastating. The order includes deployment and support for Plurilock’s high margin ADAPT and DEFEND products at the manufacturer’s facilities.
Recent data shows that healthcare organizations are more susceptible to attacks amidst the COVID-19 pandemic, with U.S. healthcare breaches increasing by 55.1% from 2019 to 2020. A new report also shows that one in ten global pharmaceutical manufacturers are at high risk for a ransomware attack.
“Plurilock’s high margin software solutions work as a deterrence to attacks and form part of an in-depth defensive cybersecurity strategy, crucial to companies operating today,” said Ian L. Paterson, CEO of Plurilock. “Modern-day ransomware is more sophisticated than ever, and these skilled adversaries are finding ways to penetrate networks, identify high-value targets, and access critical information before detonating an attack on systems, causing significant damage and downtime for organizations. With the deployment of Plurilock’s authentication software, these organizations will be able to protect the workforce as well as other critical assets against cyberattacks.”
The Company’s proprietary technology has the ability to recognize individuals and verify identities using cutting edge behavioral biometric signatures, each generated by applying machine learning in the background to personal behavioral and input patterns, physical location, and other contextual data, as device users do their normal work, which will be beneficial for organizations in the pharmaceutical industry.
Other related developments from around the markets include:
Palo Alto Networks, the global cybersecurity leader, announced financial results for its fiscal third quarter 2021, ended April 30, 2021. Total revenue for the fiscal third quarter 2021 grew 24% year over year to $1.1 billion, compared with total revenue of $869.4 million for the fiscal third quarter 2020. GAAP net loss for the fiscal third quarter 2021 was $145.1 million, or $1.50 per diluted share, compared with GAAP net loss of $74.8 million, or $0.77 per diluted share, for the fiscal third quarter 2020.
Proofpoint Inc., a leading cybersecurity and compliance company, today announced it has been positioned by Gartner, Inc. in the Leaders quadrant of the 2019 Magic Quadrant for Enterprise Information Archiving for the eighth consecutive year. The report provides a detailed overview of the enterprise information archiving market and evaluates vendors based on completeness of vision and ability to execute. “Organizations are struggling to maintain compliance as they migrate to the cloud, regulations evolve, data grows, and new content types emerge—and it’s hitting their bottom line. In 2018, $1.46B in SEC fines were levied and between 2016 and 2018, $295M FINRA fines were enforced,” said Darren Lee, executive vice president and general manager of Compliance and Digital Risk for Proofpoint. “Compliance and legal teams need the tools that can meet today’s demands for security, retention, supervision, and retrieval. We believe our positioning as a Leader in the Gartner Magic Quadrant for the eighth consecutive year underscores our dedication to innovation and unmatched ability to provide organizations with the visibility and control over the compliance risks that matter most.”
Crowdstrike Holdings Inc., a leader in cloud-delivered endpoint and workload protection, today announced it is launching new partner applications in the CrowdStrike Store and the availability of the CrowdStrike Store in the European Union (EU) Cloud for customers to discover and buy security and IT applications. Additionally, the company is announcing the release of a new survey report which unpacks the current state of IT security. The global IT security survey, commissioned by CrowdStrike, aims to better understand the complexities that IT security teams face when implementing a mature security strategy that includes disparate solutions. The report was independently conducted by Vanson Bourne, and surveyed 900 senior IT decision-makers and IT security professionals globally and across all industry sectors. It unveiled the need for organizations to transform their security stacks to create greater simplicity and strengthen efficacy to stop breaches, revealing that 92% of respondents say their organizations have faced operational challenges due to the implementation of IT security projects and that 71% of respondents said that integration complexity between technology and security stacks requires improvement.
FireEye Inc., the intelligence-led security company, announced new Cyber Risk Management Services from Mandiant. Mandiant® Cyber Risk Management Services are designed to address critical business and security requirements to equip executives, boards of directors, and security and cross-functional leaders with risk-based data and advice to build effective and balanced security programs. “When developing a corporate security strategy and program, it is imperative to identify the areas and assets with the highest business value and those with the most significant threats and vulnerabilities. Mandiant Cyber Risk Management Services are designed to balance business and technical considerations and provide executives with risk-based decision support,” said Jurgen Kutscher, Executive Vice President, Service Delivery, Mandiant Consulting. “Mandiant brings unparalleled frontline expertise and analysis to help business leaders focus on running their businesses more securely by prioritizing their security investments to maximize risk reduction.”
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