“From financial markets to healthcare, cyber attacks and breaches have increased exponentially over the last couple of years and are exposing confidential information, disrupting critical business operations and imposing high costs on our economy.
Washington, D.C. (PRWEB) September 05, 2013
Long before the Affordable Care Act (ACA), otherwise known as Obamacare, became a rallying cry on either side of the aisle, the Health Insurance Portability and Accountability Act (HIPPA) was passed by Congress in order to protect patient privacy. Add to this the more recent American Recovery and Reinvestment Act (ARRA) where the healthcare industry in the United States is mandated to move all medical and health records into an electronic format by 2015 and suddenly one of the most significant sectors of the US economy must find new technologies to be able to comply with Washington’s mandates.
Beyond what regulatory frameworks may be in place, the issues of privacy and cyber security have become the focus of worldwide attention. Revelations of government cyber stalking, claims of hacking, and theft of corporate secrets by nation states make the transmission and storage of health related data a serious concern. “From critical infrastructure to financial markets to healthcare, attacks and breaches have increased exponentially over the last couple of years and are exposing both confidential and private information, disrupting critical business operations, and imposing high costs on our economy,” said Adam Suri, former Director of Cyber Security and the Office of Innovative Technologies for the State of Maryland, and is currently managing US expansion for UK based Community DNS.
The rapidly growing demand for new technologies in the overlap of healthcare and cyber security is real, with one recent study predicting a $5.4 billion growth in the healthcare cloud computing space. Companies from small tech start-ups to Cisco Systems have recognized the need. According to Christian Bartley, principal with Faleiro, a global strategy advisory firm, “Large medical device manufacturers like GE Healthcare are making breakthrough innovations in diagnostic technologies that transmit data within a hospital environment. But the medical device companies are not experts in cyber security. This need creates opportunities for niche players who have the flexibility and capability to stay ahead of the technology curve and who can supply the secure systems to support the various device modalities. We’ve all heard of the example of the pacemaker being hacked. It’s smarter and safer to let a pacemaker developer focus on protecting the human heart, and a specialized cyber security company focus on protecting the equipment.”
Start-up CEOs and investment capital managers who recognize this need are descending upon Capitol Hill next week (September 11th) with a select group of practitioners from both industries, to share concepts, strategies, expertise and investment interests. Organized by the Angel Venture Forum, the meeting on cyber security & healthcare investment features leaders from such groups as Ridge-Schmidt Cyber (former Homeland Security Secretary Tom Ridge’s firm), WellDoc, Lockheed Martin, Mach37, Verizon, Vital Venture Capital, and DreamIt Ventures among others.
According to Valerie Gaydos, Angel Investor and Founder of the Angel Venture Forum, “Seeing companies and investors obtain a broader scope of understanding where the two greatest areas of opportunity for investment capital meet – healthcare and cyber security - is crucial.”
The event is open to the public, but seating is limited and will take place from 7:30 a.m. to 5 p.m. at the Jones Day Terrace & Conference Center, 51 Louisiana Ave, NW, Washington, D.C. The cost is $85 per person. The high profile lineup of presenters will not only address the issues at hand but will be there to seek to identify solid business opportunities for investment.
About the Angel Venture Forum
Angel Venture Forum is an ad hoc group of angel investors from 24 angel investor groups located throughout the Mid-Atlantic region who seek to pool their resources and expertise to capitalize high-growth business. Each of our colleagues shares a mission to discover, develop, and invest in strong business opportunities. The Cyber Security and Healthcare meeting sponsors include Capital Growth, Inc., Faleiro, Regus, Cohn Reznick, Jones Day, Government of the District of Columbia, Montgomery County Economic Development, Fairfax County Economic Development Authority. Focus Bankers.