Third-Party Risk Management Actions to Avoid Data Breaches

The following is a guest article by Aaron Kirkpatrick, CISSP, CRISC, CIPM, GCIH, GCC, Chief Information Security Officer at Venminder. Without a doubt, the healthcare industry is growing and thriving. It’s one of the world’s largest and fastest-growing industries, and the global healthcare market will reach $665.37 billion by 2028. As the industry grows, more service and operational needs arise, resulting in increased outsourcing, and additional vendor risk. It’s not uncommon for vendors to have access to sensitive patient data, such as electronic health records (EHRs) and patient communications. Therefore, you need to ensure your healthcare organization’s vendors and business associates, also known as high-risk vendors, have processes to protect data and prevent cybercriminals from hacking their databases. Consequences of a Vendor Data Breach It’s not IF your vendor is breached, but when. It’s important to consider this since a vendor data breach can have serious consequences. Here are some examples: Fines or other monetary consequences Losing the confidence and trust of patients Increased regulatory scrutiny Reputational damage Protecting Your Organization Through Third-Party Risk Management (TPRM) Actions You may be wondering, “what can I do?” To protect your healthcare organization from cyberattacks, lost patient trust, reputational damage, and the other negative consequences of a data breach, third-party risk management is essential. An effective th...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: C-Suite Leadership Health IT Company Healthcare IT Hospital - Health System Security and Privacy Aaron Kirkpatrick Health IT Risk Health IT Security Controls Healthcare Breach Healthcare Scene Featured Healthcare Security HIPAA Breac Source Type: blogs