Thanks for the responses!
I came across the following article that talks about how effectively risk management of medical device addresses software cybersecurity. I cannot post the link , but here are the article details, please look it up.
Observations on the Risk Management of Medical Device and Software Cybersecurity - by Jeff Bell, Director of IT Security and Risk Services, CareTech November 10, 2014
I believe the industry is moving towards the perception that internal processes that identify and mitigate security level risks may be considered insufficient and a third party security review might be expected from medical device manufacturers. See excerpt below:
'While it is reassuring to know that this vendor performed a risk assessment and implemented improved security measures as a result of the assessment, it is not too much to expect third-party validation of the application security and greater transparency about the results. The stakes are just too high to accept less. '