Although it isn’t the first area that comes to mind when thinking of cybercrime, the healthcare industry is extremely vulnerable to digital attacks. Due to the highly sensitive nature of the data being processed and the life-or-death nature of the machines in use, hospitals are a prime target for hackers.
With that in mind, cybersecurity is a hot topic for healthcare organizations looking to stay safe. Understanding hospital networks and medical devices takes a special set of skills, however. That’s where companies like CyberMDX come in. The ambitious startup has raised $20 million in a newly completed funding round.
Working to secure medical devices and hospital networks isn’t easy. Since many of these devices work much differently than traditional gadgets, cybersecurity companies servicing hospitals must be well versed. CyberMDX certainly fits that description.
Since its establishment, CyberMDX has become one of the more respectable startups in the medical cybersecurity space. In just four years, it has managed to make a significant impact in the sector.
Perhaps the most notable achievements are coming from its research branch. CyberMDX identified several vulnerabilities in medical devices that are in use around the world. Issues regarding an infusion pump and a networking protocol for an anesthesia machine are two of its biggest discoveries to date. Following the findings last year, the Department of Homeland Security issued an alert stating that the flaws required “low skill level” to exploit.
At the time, CyberMDX’s head of research Elad Luz said, “The devices use a proprietary protocol. It’s pretty straightforward to figure out the commands.”
Those commands can do things like silence alarms, alter medical records, or even change the composition of gases given to a patient undergoing anesthesia.
The startup says that the freshly acquired $20 million will help it roll out its cybersecurity platform into new markets. The round was led by Sham, the largest insurance and risk management provider in Europe. Existing investors also participated in the fundraising effort.
Just In Time
For CyberMDX, the new funding is arriving at just the right time. As the coronavirus pandemic increases the strain on the healthcare industry, it is left even more vulnerable to cyberattacks. Medical facilities around the world are more focused on providing care for an influx of patients than maintaining secure networks.
CyberMDX seeks to give them peace of mind with its cybersecurity platform.
Amir Magner, a co-founder of the startup, says, “Nowadays, in light of COVID-19 and unprecedented events, we see it as part of our mission to support the healthcare community in its challenging time.”
It will be interesting to see how CyberMDX responds to the crisis and how exactly it plans to support the healthcare industry.
Regardless, the future seems bright for this startup. Hospitals will always be around and will always need cybersecurity. By establishing itself as a leader in the space now, CyberMDX will be a provider of these services for years to come.