Selling Cybersecurity Services to Healthcare: Understanding the Dynamics

Medical electronic health records, medical device integration, and telemedicine platforms all hold a plethora of sensitive information such as a patient's name, address, social security number, medical history, and financial details – making the healthcare sector a prime target for cyberattacks.

Healthcare organizations no longer need to be convinced of the importance of cybersecurity. The industry is aware that a healthcare organization could suffer catastrophic losses in the event of a successful cyberattack.

The impact of cyber attacks on healthcare is multifaceted. These attacks can lead to:

• Lead to confidential patient data being exposed resulting in identity theft, insurance fraud, and even extortion.

• Attacks using ransomware can take down entire healthcare systems, jeopardize patient care, and possibly even result in casualties.

• A successful hack can also significantly damage an organization's reputation by weakening patient confidence, leading to a decline in the number of patents.

  As a result, cybersecurity has become a necessity for the healthcare sector.

Challenges in the Healthcare Cybersecurity Space:

Successfully selling cybersecurity services to healthcare requires understanding the specific challenges they face. As per the HIPPA report released, 2023 saw the largest count of cyberattacks in the healthcare sector. A total of 725 data breaches led to the exposure of 133 million reports. Hackers find this industry a gold mine because it possesses the ideal balance of sensitive data and obvious security vulnerabilities. Thus, despite strict security rules, HIPAA guidelines, and other governmental regulations, why do healthcare facilities still lose data? Here are the reasons:

Outdated Systems:

Healthcare facilities still continue to utilize legacy systems, including outdated computer systems and old networked medical equipment, including devices like pacemakers and diagnostic imaging equipment. Since these systems usually have unpatched vulnerabilities, attackers may find them easy to hack.

Unsafe Medical Equipment and Devices:

Healthcare organizations are dependent on an increasing number of networked devices due to the advent of the Internet of Medical Things. IoMT systems, like other Internet of Things (IoT) gadgets, these devices frequently have inadequate security, which exposes multiple vulnerabilities that a hacker can take advantage of to access the institute's systems and patient information.

Ransomware Attacks:

In late 2022, every 1 in 42 hospitals were a victim of a ransomware attack. Healthcare organizations are frequently targets of ransomware attacks because of the importance of their data and the likelihood that they will pay to restore their systems and continue treating patients.

Sophisticated Phishing Attacks:

The human aspect is one of the biggest risks to cybersecurity in healthcare. Any healthcare professional who has access to private patient data may become a target of a phishing scheme that results in a data breach.

Limited Budget:

Healthcare institutions have limited budgets, with most of it being allocated to patient care cybersecurity might be seen as an unimportant expense.

Top Healthcare Cybersecurity Services That Vendors Can Offer:

Internet of Medical Things (IoMT):

Hospitals and clinics gain significant benefits from linking Internet-of-Things (IoT) equipment to the hospital system, but there are also new cyber threats associated with this. IoT gadgets range from wheelchairs to hospital refrigerators, MRI scanners, infusion pumps, remote patient monitoring, and real-time data-driven decision-making. Cybersecurity companies can provide defense against cyber threats to these connected medical devices.

Risk assessment and compliance management:

With the rise in electronic health records, healthcare institutions must abide by strict laws including the Health Insurance Portability and Accountability Act (HIPPA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, and the NIST Cybersecurity Framework, to safeguard patient data. As a cybersecurity company, you can provide thorough risk assessments to find vulnerabilities within these systems and guarantee compliance with these regulatory laws.

Network Security:

To prevent unwanted access to patient records and sensitive medical data, robust network security measures must be implemented. Healthcare networks must be protected from cyberattacks using services like intrusion detection and prevention systems, firewall management, access controls, and software updates.

Endpoint Security:

Endpoint security is an important part of a healthcare institution's cybersecurity strategy. A single vulnerable endpoint can result in an opportunity for cyber criminals to access the system.

Endpoint security has grown even more crucial due to the rise of mobile devices, remote work in healthcare environments, and the growing number of connected devices within healthcare IT networks.

According to an article by SentryBay, network-based or cloud-based technologies are used by organizations to deploy endpoint security measures that guarantee the safety of these endpoints. Basic endpoint protection platforms (EPPs) play a crucial role in this process by examining incoming files and identifying potential threats.

Incident Response:

This refers to the capacity of healthcare organizations to detect and respond to cyber threats. This process entails identifying, containing, and reducing the impact of the cyber attacks. Healthcare organizations can benefit from incident response planning, training, and support from cybersecurity companies to lessen the impact of these attacks.

How do I sell cybersecurity as a service to Healthcare:

When selling cybersecurity services to healthcare, understanding the priorities and concerns of decision-makers is essential. Their concerns include:

• Patient privacy and safety
• Finding solutions that smoothly connect with the current IT infrastructure
• Financial constraints.

When pitching cybersecurity services to the healthcare industry, emphasize the following benefits to strengthen your pitch:

Emphasize the ROI:

Calculate the possible financial savings from successfully averting a data breach, including the cost of avoided penalties and lost productivity. Demonstrate these real returns on investment in cybersecurity to those making healthcare decisions.

Regulatory and Compliance Assistance:

Showcase how your services relieve the healthcare organization the stress of ensuring conformance to HIPAA rules. Healthcare institutions should see you as a helpful compliance partner when you sell cybersecurity.

Provide Tailored and Scalable Solutions:

Healthcare companies need easy cybersecurity solutions that connect with their current IT infrastructure and can grow with their demands. To successfully sell cybersecurity to healthcare, one must present workflow-minimizing solutions that are scalable to the needs of the business.

Present Testimonials and Case Studies:

Present successful case studies from healthcare establishments that have effectively incorporated your cybersecurity services. It will foster trust and potentially lead them to choose you as a reliable partner due to your credibility.

Present Your Portfolio:

When selling cybersecurity services to healthcare, it's crucial to narrow down the niche you're most capable of handling. Polish your portfolio to show them what your cybersecurity services are for:

• Do you provide solutions for security breaches?
• Do you provide cyberattack detection systems?
• Are your cybersecurity solutions capable of combating the latest cyber-attacks?
• What cybersecurity services do you offer to combat ransomware?

Your portfolio must give them a clear picture of your services. Check out the latest healthcare cyber attack stories & news, and collect data about the types of breaches and threats they are facing. Only then will you be able to reinvent your portfolio in a manner that addresses healthcare cybersecurity problems.

Emphasize the Importance of Cybersecurity:

Two years ago, a cyber attack on a small healthcare center in Wyoming made it to the headlines. Attackers locked up the organization's information system. They had to shut down all the services, shift their patients and doctors had to resort to paper for the documentation of medical data. The whole system was shut down for about two weeks before the hospital management paid a $1700 ransom to the attackers.

Companies selling cybersecurity services to healthcare can use such incidents to trigger urgency among them. However, make sure you don’t panic them with fear stories. The goal is to educate them about the incoming problem that might put their entire data at risk.

Selling Cybersecurity services to Healthcare- Partnering with Execweb:

Selling cybersecurity services to healthcare poses a unique challenge- generating leads and scheduling meetings with significant decision-makers, like CISOs, can be difficult.

To tackle this difficulty, platforms such as Execweb, focus on facilitating the connection between cybersecurity companies and healthcare decision-makers at the director and CISO levels. Their approach involves personalized introductions that demonstrate a clear understanding of the specific needs of healthcare organizations regarding cybersecurity.

For cybersecurity companies trying to get past obstacles in lead generation, shorten sales cycles, and make connections with the relevant people in the healthcare sector, partner with Execweb now.