Understanding Healthcare Cybersecurity Risk Management Complexity

Abstract

Abstract It is important to fully comprehend the critical role of the healthcare and public health sector in safeguarding the economy from various threats, including terrorism, infectious diseases, and natural disasters. The private ownership of many healthcare assets underscores the need for enhanced collaboration and information sharing between the public and private sectors. The COVID-19 pandemic has accelerated the digitalization of this sector, leading to a heightened risk of cyber threats. The increasing reliance on emerging technologies such as blockchain, the metaverse, and virtual reality is further exacerbating the cybersecurity landscape, with the projected cost of cybercrime exceeding $10 trillion in 2023 and an anticipated surge to nearly $24 trillion in the next four years. Human error remains the primary cause of cybersecurity incidents, accounting for 95% of reported cases, with insider threats contributing significantly. Despite increased cyber training and risk mitigation efforts, vulnerabilities continue to be rapidly exploited. This paper provides an in-depth analysis of cybersecurity risks in the healthcare sector, drawing on existing literature and theoretical frameworks to highlight the complex challenges in this evolving landscape.