Medical devices have been changing in revolutionary ways in recent years. One is in their form-factor. Increasing miniaturization of medical devices has made them wearable, light-weight, and ubiquitous; they are available for continuous care and not restricted to clinical settings. Further, devices are increasingly becoming connected to external entities through both wired and wireless channels. These two developments have tremendous potential to make healthcare accessible to everyone and reduce costs. However, they also provide increased opportunity for technology savvy criminals to exploit them for fun and profit. Consequently, it is essential to consider medical device security issues. In this paper, we focused on the challenges involved in securing networked medical devices. We provide an overview of a generic networked medical device system model, a comprehensive attack and adversary model, and describe some of the challenges present in building security solutions to manage the attacks. Finally, we provide an overview of two areas of research that we believe will be crucial for making medical device system security solutions more viable in the long run: forensic data logging, and building security assurance cases.