Analytics Insight

Disha Sinha

The Internet of Medical Things or popularly known as IoMT is considered to be an amalgamation of medical devices and applications that are connected to multiple healthcare IT systems through networking technologies. Recently, IoMT is thriving in the healthcare systems due to the outbreak of the coronavirus pandemic. The strict protocols have created an immense demand for IoMT in 2021. The global market size of IoMT in healthcare systems is expected to reach US$142.45 billion with a CAGR of 28.9% by 2026. The share prices of some popular MedTech companies are also rising because of the cutting-edge smart connected devices.

It is well-known that the advent of the COVID-19 pandemic has created a plethora of opportunities for cyberattacks in multiple industries due to data explosion and excessive use of connected devices. Malicious hackers have selected MedTech companies also to search for weak links and demand millions of dollars of ransomware. It is, indeed, creating a lot of pressure on MedTech companies to enhance cybersecurity against malicious cyberattacks. Connected devices are insecure by design and attract the eyes of cyber-criminals because these IoMT MedTech devices consist of...

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