Incidences of cyber fraud are increasing in multiple industrial sectors making cybersecurity a prime area of concern. In certain industries such as healthcare, the concern becomes stronger as it is directly related to our health and well-being. The expansion of portable gadgets like smartphones and USB devices, as well as the enormous number of connected medical devices, are widening the attack surface. With the advancement in the cyber world on the daily basis, the risk in the healthcare industry has not been explored much. Hence, this research paper talks about some of the security concerns, their effects, applications, and risk-reduction strategies related to the healthcare sector. To attain the objectives, a qualitative approach has been adopted wherein various studies related to the cyber risk associated with the healthcare domain have been analyzed. The implications of this paper for designing and developing security solutions in the healthcare sector that will benefit society at large are discussed for security practitioners. By offering several remedies to the hazards that have been identified as being connected to the cyber world in the healthcare industry, this study adds to the body of literature.