Healthcare cybersecurity company CyberMDX partnered on Monday with Royal Philips to combine CyberMDX’s healthcare security suite with the latest vendor-neutral cybersecurity services offered by the Dutch company. The deal will provide Philips customers access to CyberMDX’s services, including its mapping and evaluation capabilities, medical device risk assessment, security prioritization, threat detection and intelligence, intrusion prevention, compliance and governance, and related support.
The data and insights collected through CyberMDX form a core foundation for the development and implementation of a full cybersecurity plan for Philips’ customers. The proliferation of millions of connected medical devices enables users and networks to share, search, navigate, manage, compare and analyze a virtually limitless flow of data that enhances healthcare outcomes.
Assuring the safety and privacy of these systems and associated data, however, requires a comprehensive risk-based cybersecurity program. Created as a platform for partnership with healthcare customers, the Philips Cybersecurity Services helps to define and implement strategic and tactical software and device protection.
New York-based CyberMDX provides cloud-based cybersecurity technology that helps in advancing the Internet of Medical Things (IoMT), which is made up of medical devices and applications that can connect to healthcare information technology systems using networking technologies. It also helps decrease hospital visits and burden on healthcare systems by connecting patients to their physicians, and allowing the transfer of medical data over a secure network.
The CyberMDX offering determines endpoints and assesses vulnerabilities to detect, respond to and prevent cyber incidents. Currently used globally, CyberMDX offers its centralized architecture for simple and scalable adoption across large distributed networks to provide agentless and flexible deployment.
CyberMDX developed its cyber intelligence platform to provide secure connectivity for medical devices and clinical assets. Through the platform’s real-time threat monitoring and prevention capabilities, it addresses growing security challenges of healthcare delivery organizations in protecting networked medical devices on IoMT, strengthening hospital network security and medical device protection.
Deloitte estimates that the IoMT market will be worth US$158.1 billion in 2022, as it has the potential to help alleviate some of the cost, access and care coordination challenges facing healthcare. The generation of data points through millions of connected medical devices will have little impact unless turned into actionable insight, as medical technology companies need to develop new strategies to harness the data provided by these digitally-enabled products and make their business and operating models relevant and competitive.
“The size and complexity of modern healthcare networks necessitates a robust multi-tiered security approach,” said Amir Magner, CEO of CyberMDX in a press statement. “Protecting the integrity of our medical devices so that our healthcare professionals can continue to provide their lifesaving services is our primary mission at CyberMDX and we believe that our partnership with Philips will be a tremendous asset towards furthering that goal.”
Earlier this year in April, CyberMDX secured $20 million in funding, bringing its accumulated fundraising to a total of $30 million. The company planned to use its additional funding to support its plans for geographic expansion and market entrenchment, while further developing its technology platform and research capabilities.