With hacks on the rise, cybersecurity vendors flood market, try to appeal to providers

As cyber attackers increasingly become a threat to healthcare providers' data assets and IT systems, new cybersecurity vendors are entering the market as hospitals and clinics are looking for better ways to protect their patients' information, as well as their own financial and trade secret information.

A new analysis from Frost & Sullivan, a research and consulting firm in San Antonio, shows that the cybersecurity solutions market will grow 13.6 percent over the next five years, the company said in statement.

"We see here the core issues to understand when considering the trajectory of the hospital cybersecurity market and key competitive dynamics needed to succeed," said Frost & Sullivan Health Analyst Nancy Fabozzi in a statement. "Because of the increased risk of cyber attacks of every type, especially phishing and ransomware, hospitals are transitioning from their traditional reactive and fragmented approach to protecting privacy and security that is highly dependent on HIPAA compliance to a new approach and mindset that is proactive, holistic, and coordinated, anchored by integrated solutions designed to protect multiple endpoints."

Hackers often look for protected health information, like electronic health records, that they can then sell on the black market to those looking for opportunities to commit identity theft and financial fraud.

Some of the companies entering the cybersecurity market include computer manufacturer Dell and cell phone providers like Verizon and AT&T.

For more data from the analysis, click here.