Healthcare Provider Risk Management (HRM) is more important than ever

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The healthcare industry has long been a prime suspect for cybercriminals seeking to access personal patient information or disrupt the operation of healthcare facilities. The recent adoption new technologies and remote working has created more potential targets for hackers.

Data breaches in the healthcare sector have proven to be among the costliest. In its annual report, The Cost of a Data Breach, IBM estimated the exorbitant cost of a breach in healthcare at around $7.13 million, nearly two and a half times higher than the average. from all other sectors.

While risk management strategy in healthcare has typically focused on the role of patient safety and reducing medical errors to protect against financial liability, it is critical that healthcare organizations also take into account the increase in cyberattacks on medical infrastructure and on the third-party providers that healthcare organizations rely on.

As we know it, supplier risk management, Where third-party risk management, is a type of risk management strategy whose objective is to identify and reduce the risks associated with an organization’s use of third-party vendors. Supplier risk management enables an organization to effectively perform due diligence across its entire supplier ecosystem.

Often, risks associated with vendors and third parties fall into one of three categories:

  • Financial/reputation: The risk that a supplier or third party will negatively impact your revenue or reputation.
  • Legal and regulatory: The risk that a supplier or third party will affect your ability to comply with regulations.
  • Operational: The risk that a supplier or third party will impact your ability to operate normally.

So why is VRM so important in healthcare?

It goes without saying that the smoother and safer a healthcare facility is able to operate, whether it is a small clinic or a large hospital, the better off we are. all are. Especially today, in light of the ongoing pandemic, it is crucial that these facilities remain operational and compliant at all costs, as people’s lives and well-being are very much at stake.

Healthcare institutions collect and store highly sensitive information about their patients, making them a prime target for cybercriminals and threat actors. Implementing and maintaining mature supplier risk management programs, particularly in the healthcare industry, has arguably never been more important.

Where Iceberg Networks comes in

As a leading provider of governance, risk management and compliance solutions, our experts are committed to helping organizations develop mature and resilient supplier risk management programs. For more information on our successful healthcare solutions, see our How Iceberg APS Helped Restore a Hospital’s GRC Program to Health case study.

Have questions? Contact us here.

The post office Healthcare Provider Risk Management (HRM) is more important than ever appeared first on Iceberg networks.

*** This is a syndicated blog from the Security Bloggers Network of Risk Intelligence Academy – Iceberg Networks written by Meaghan O’Brien. Read the original post at: https://icebergnetworks.com/healthcare-vendor-risk-management-vrm-is-more-important-than-ever/?utm_source=rss&utm_medium=rss&utm_campaign=healthcare-vendor-risk-management-vrm-is-more-important -than ever

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