Medical device manufacturers (MDMs) are increasingly turning their attention towards cybersecurity, according to a recent survey of 150 senior decision-makers in the medical device industry, the Cybellum 2022 Medical Device Security Survey Report.
As medical devices become exponentially more connected and reliant on software, regulators and government agencies are stepping up the pace in encouraging MDMs to take notice of a rapidly evolving threat landscape, and to update their cybersecurity practices to meet the risk head-on.
2022 Saw a Sharp Increase in MDM Cybersecurity Budgets
Organizations are definitely heeding the call. In 2022 alone, MDMs have increased the budget for medical device cybersecurity by 29% on average, with 49% increasing budget by more than a quarter, and 18% increasing their investment by more than half. Protecting this critical environment is firmly on the agenda.
Diving deeper into the data, let’s look at the drivers behind this heightened focus on cybersecurity, as well as key points that could support businesses in their journey towards achieving cybersecurity readiness at this critical juncture.
Device Security Has Become a Business Enabler
43% of manufacturers indicated that one of the main drivers for increasing their budget for device security would be a security incident that involved a competitor. Recent attacks that grabbed headlines and impacted healthcare, like the Log4j attacks, have shown industry players that cybersecurity needs immediate attention. Otherwise, the devastation to operations, and also the brand damage – called out by 42% as a reason to increase investment in cybersecurity – could cause major damage.
Sharing the top spot in terms of drivers for increasing budget, manufacturers also highlighted gaining a competitive edge, and enabling business growth. Medical device security and compliance pros are looking at increasing investment in cybersecurity in a very pragmatic and focused way. In order to prove the value of investing in cybersecurity to the executive board, business drivers must align with organizational goals and outcomes, including accelerated time to market of devices.
The risk of a cyber attack on their own organization is ever-present, and mentioned by 30% of MDMs as a reason for increasing the budget. However, it might be that highlighting the damage to a competitor of an attack that has already happened is more impactful, giving practical evidence rather than trying to explain a “What if?”. This might explain why a security incident involving a competitor is a much more powerful driver.
Similarly, it’s clearly essential for companies to stay compliant with new and emerging regulations – 29% of MDMs name this as a driver for investment, but currently, gaining a competitive edge and using cybersecurity as a business enabler is a stronger driver for respondents.
The Majority of MDMs Feel Positively Towards Device Security
With this investment in place, we asked MDM security and compliance pros to think about the benefits of device security, and how important it could be to the key business drivers of the organization.
79% agree that device security is important in minimizing business risk, and 73% confirm that it’s critical for protecting the organization’s brand. More practically, 71% also call out that device security is essential in protecting intellectual property.
The market is clearly aware of the business benefits of medical device security, with a huge 83% of MDMs describing medical device security as a competitive advantage that will help them succeed against the competition.
In order to ensure that there is adequate ownership and governance over medical device security once budgets are in place, a dedicated senior owner makes all the difference.
Considering Smart Investments for Increased Budget
Our data reveals that today’s medical device manufacturers have recognized the importance of increasing their investment in cybersecurity, and the business value of investing in cybersecurity to align with organizational goals.
Smart cybersecurity budgeting will involve investing in the processes and tools that will meet today’s goals. That means adopting technologies that give executives confidence that business risk has been markedly reduced, and that cybersecurity compliance is enabling the organization to gain that all-important competitive edge.
Cybellum’s Product Security Platform helps medical device manufacturers make the most of their cybersecurity investment, by enabling an automated, unified process for device cybersecurity. Schedule a demo here to see how it works.