Insulet's (PODD) Omnipod DASH System Now ISO 27001 Certified

An image of people surrounding a sheet of paper with many charts on it Credit: Shutterstock photo

Insulet CorporationPODD recently announced the receipt of ISO (International Standards Organization) 27001 certification for its Omnipod DASH System. At the same time, the company also informed about being awarded with the DTSec (Diabetes Technology Society's) Cybersecurity Standard for Connected Diabetes Device Security certification for the same. With these developments, Insulet has won the stature of being the only insulin pump company to be awarded with both the certifications.

Insulet's Omnipod DASH System has now globally earned the reputation of implementing the highest standards for information and cyber security and safety with these certifications. This also highlights the company's ability to securely transfer data between the Pod and the personal diabetes manager, as well as secure cloud storage.

Combating Cyber Risk: A Tough Challenge for MedTech Players

Medical devices linked to the cloud and the Internet of Things (IoT) are exposed to cyber risks. Any wearable and implantable patient monitoring or therapy device with features like wireless connectivity to alter device functionality and extract patient information can now be hacked.

For instance, in April, the FDA had to issue a Safety Communication to inform the patients about the availability of an additional firmware update to combat the confirmed cybersecurity risks discovered in Abbott Laboratories' implantable cardiac devices. The update would also help manage rapid battery depletion.

A recent survey report by KPMG revealed that around 81% of health care organizations experienced data breach over a two-year period beginning 2015-end (per an article published on 24x7). Going by the same article, medical device threats are ranked as the top information security issue by around one-third of industry executives.

Furthermore, according to the 2018 Cost of a Data Breach Study released by the Ponemon Institute, the average cost of a successful cyberattack across all industries is $3.8 million (per an article from Health Care on Bloomberg Law).

Thus, we believe Insulet has been awarded with the certifications at a time when there is a growing need for medical device manufacturers to prevent hacking in case of network-connected medical devices. This should aid in boosting the uptake of the Omnipod DASH System in the near term.

Share Price Performance

Over the past three months, shares of Insulet have outperformed its industry . The stock has rallied 11.6% against the industry's 2.8% decline.

Zacks Rank & Key Picks

Insulet currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader medical space are Intuitive Surgical, Inc. ISRG , Illumina, Inc ILMN and Veeva Systems VEEV .

Intuitive Surgical has long-term expected earnings growth rate of 15.6% and a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Illumina's long-term earnings growth rate is projected at 23.4%. The stock carries a Zacks Rank #2.

Veeva Systems' long-term earnings growth rate is estimated at 19.3%. The stock carries a Zacks Rank #2.

Will You Make a Fortune on the Shift to Electric Cars?

Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.

With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.

It's not the one you think.

See This Ticker Free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Veeva Systems Inc. (VEEV): Free Stock Analysis Report

Intuitive Surgical, Inc. (ISRG): Free Stock Analysis Report

Insulet Corporation (PODD): Free Stock Analysis Report

Illumina, Inc. (ILMN): Free Stock Analysis Report

To read this article on click here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.