Censinet Advances Cyber Risk Management in Healthcare with Real-Time Portfolio Risk Management and Peer Benchmarking
Post Summary
Censinet RiskOps 5.0 is the latest release of Censinet’s cloud-based risk exchange platform, designed to enhance healthcare cybersecurity through real-time portfolio risk management, peer benchmarking, and automated NIST CSF assessments.
Portfolio Risk Management: Real-time risk management across organizational levels, assets, and processes. Peer Benchmarking: Compare cybersecurity investments, resources, and performance with healthcare peers. NIST CSF 1.1 Assessment: Streamlined, automated compliance with the NIST Cybersecurity Framework. Cybersecurity Data Room™: A secure environment for vendors to manage and share risk data with healthcare organizations.
It provides a real-time, context-aware view of risks across systems, regions, and assets, enabling organizations to prioritize and remediate risks effectively while optimizing cybersecurity investments.
Peer benchmarking allows healthcare organizations to compare their cybersecurity performance, resources, and compliance metrics with similar organizations, helping identify gaps and prioritize improvements.
The platform automates NIST CSF assessments, providing curated support for all five functions, 23 categories, and 108 subcategories, along with action plans and benchmarking dashboards.
First and Only Integrated Capabilities Deliver Unique Actionable Insights to Optimize and Prioritize Cybersecurity and Risk Programs, Investments, and Resources
BOSTON, MASS. – September 6, 2022 – Censinet, the leading provider of risk management solutions for healthcare, today announced Censinet RiskOpsTM 5.0, a significant new release of its flagship cloud-based risk exchange that enables seamless and secure sharing of cybersecurity and risk data across a collaborative network of healthcare delivery organizations (HDOs) and third-party vendors and their products & services. Purpose-built for healthcare, Censinet RiskOps 5.0 introduces several new innovations which help protect patient safety, data, and care operations from lethal cyber threats and attacks including portfolio risk management, enterprise assessments with support for NIST Cybersecurity Framework (CSF) and peer benchmarking.
Effective decision-making in cybersecurity and risk management requires a real-time, contextually-aware view of the business, including its assets, processes, investments, resources, threats and their potential impact. By understanding context and business impact, risk teams can quickly and effectively locate, prioritize, and remediate risks while leadership has the right data at the right time to inform optimal investment and resource decisions.
Censinet’s new portfolio risk management capabilities provide this real-time context so risk professionals can manage risk across all organizational levels (system, region, enterprise), business processes, and assets including supply chain, procurement, clinical care, technology, operations, biomed, third-parties, medical devices, research, data exchange, and institutional review boards (IRB). In addition, Censinet prioritizes these activities across the portfolio lifecycle to take the next-best action for reducing risk.
“Censinet RiskOps 5.0 sets a new bar for third-party and enterprise risk management in healthcare,” said Ed Gaudet, CEO and Founder of Censinet. “These new capabilities were designed in partnership with leading global healthcare organizations, and represent a fundamental shift in how healthcare organizations manage cybersecurity and risk management.”
Censinet RiskOps 5.0 also supports new healthcare-specific peer benchmarking capabilities: organizational, NIST CSF, and HHS 405d Health Industry Cybersecurity Practices (HICP). These benchmarks provide HDOs with the ability to understand their own organization’s security performance, coverage, and compliance in real-time, and makes it easy to see how these metrics compare to their peers.
Organizational Benchmarking provides insight to about how investments, resources, and your overall cybersecurity program compare with HDO peers across the following areas:
- Information Technology and Cybersecurity Investments
- Cybersecurity Program Coverage
- Cybersecurity Program Ownership
- Cybersecurity Resources
- Cyber Insurance
“Leveraging Censinet adds significant value to our overall cybersecurity and risk programs,” said Erik Decker, Chief Information Security Officer at Intermountain Health. “Censinet portfolio risk management and peer benchmarking capabilities will provide additional insight into our organization’s cybersecurity investments, resources, and overall program and help us identify process, resource gaps, and investment opportunities.”
Additional capabilities included in Censinet RiskOps 5.0:
- NIST CSF 1.1 Assessment – streamlines and automates an enterprise risk assessment for HDOs using NIST CSF. Censinet RiskOps 5.0 provides easy-to-use capabilities for managing compliance with NIST CSF 1.1 and comparing coverage with other peer HDOs. With out-of-the box curated support for all 5 NIST CSF functions, 23 categories, and 108 sub categories, Censinet combines evidence collection, automated action plan generation, and mitigation and remediation tracking driven by its purpose-built workflows, powerful roll-up reporting, and new benchmarking dashboards.
- Portfolio Tiering – enables organizations to categorize levels of risk across their portfolio based on attributes such as process or asset type, importance, and business impact. Portfolio tiering speeds up assessment completion time and increases overall effectiveness by driving workflow automation based on pre-defined criteria such as assessment type and scope, reassessment schedules, findings, and remediations.
- Censinet Cybersecurity Data Room™ – provides third-party vendors with a highly-secure, HIPAA-compliant environment to manage security and risk assessments for all of their products and services. The Censinet Cybersecurity Data Room enables vendors to securely manage and share data with their healthcare customers. With Censinet’s 1-Click Assessment™ capability, vendors have complete control to instantly share data and documentation as requested, avoiding a lengthy assessment process that often slows down sales or renewals. HDO’s get instant access to a longitudinal risk record on more than 30,000 vendors and products with the most up-to-date security data, documentation, and evidence.
“Today, organizations face a multitude of risks from various sources, and these risks will trigger more risks as they cascade across the organization, often with significant consequences,” according to a Forrester report co-authored by Forrester Principal Analyst Renee Murphy. “It becomes critical for risk pros to evaluate these risks individually by domain (information security, privacy, business continuity, etc.) and collectively as interconnected risks to contextualize their significance to the business.”1
¹”The State Of Enterprise Risk Management, 2022”, Forrester, May 10, 2022
Availability
Censinet RiskOps 5.0 is available now. Join Censinet to learn more about how peer benchmarking and portfolio risk management can help protect patient safety and care operations www.censinet.com/riskops-demo-request/ or learn more at www.censinet.com.
About Censinet
Censinet enables healthcare organizations to take risk out of their business with Censinet RiskOpsTM, the first and only cloud-based exchange that integrates and consolidates enterprise risk management and operations capabilities across critical clinical and business areas. Censinet transforms healthcare risk by increasing productivity and operational effectiveness while eliminating risks to care delivery, data privacy, and patient safety. Censinet is based in Boston, MA and can be found at https://censinet.com/
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Contacts:
Justyn Thompson
(617) 221-6875
jthompson@censinet.com
Twitter: twitter.com/censinet
LinkedIn: linkedin.com/company/censinet
Blog: censinet.com/resources/blog
Key Points:
What is Censinet RiskOps 5.0?
- Censinet RiskOps 5.0 is the latest version of Censinet’s cloud-based risk exchange platform, purpose-built for healthcare organizations.
- It introduces innovative capabilities like real-time portfolio risk management, peer benchmarking, and automated NIST CSF assessments to enhance cybersecurity and risk management.
- The platform enables seamless and secure sharing of cybersecurity and risk data across healthcare delivery organizations (HDOs) and third-party vendors.
What are the key features of Censinet RiskOps 5.0?
- Portfolio Risk Management: Provides real-time, context-aware risk management across organizational levels, assets, and processes.
- Peer Benchmarking: Allows HDOs to compare cybersecurity investments, resources, and performance with peers.
- NIST CSF 1.1 Assessment: Automates compliance with the NIST Cybersecurity Framework, streamlining evidence collection and action planning.
- Cybersecurity Data Room™: A secure, HIPAA-compliant environment for vendors to manage and share risk data with healthcare organizations.
- Portfolio Tiering: Categorizes risks based on attributes like asset type, importance, and business impact to prioritize actions effectively.
How does portfolio risk management benefit healthcare organizations?
- Portfolio risk management provides a real-time, contextually-aware view of risks across systems, regions, and assets.
- It enables organizations to prioritize and remediate risks effectively, ensuring that leadership has the right data to make informed decisions about cybersecurity investments and resources.
- By managing risks across the portfolio lifecycle, organizations can take the next-best action to reduce risk and protect patient safety.
What is peer benchmarking, and why is it important?
- Peer benchmarking allows healthcare organizations to compare their cybersecurity performance, investments, and resources with similar organizations.
- It provides insights into areas like IT and cybersecurity investments, program coverage, resource allocation, and cyber insurance.
- These comparisons help organizations identify gaps, prioritize improvements, and align their cybersecurity programs with industry standards.
How does Censinet RiskOps 5.0 support NIST CSF compliance?
- The platform automates NIST CSF 1.1 assessments, covering all five functions, 23 categories, and 108 subcategories.
- It streamlines evidence collection, generates automated action plans, and tracks mitigation and remediation efforts.
- Benchmarking dashboards allow organizations to compare their NIST CSF coverage with peers, ensuring compliance and identifying areas for improvement.
What is the Cybersecurity Data Room™, and how does it help vendors?
- The Cybersecurity Data Room™ is a secure, HIPAA-compliant environment where vendors can manage and share risk data with healthcare organizations.
- Vendors can use the 1-Click Assessment™ feature to instantly share data and documentation, reducing the time and effort required for security assessments.
- Healthcare organizations gain instant access to up-to-date security data on over 30,000 vendors and products, streamlining the risk assessment process.
How does portfolio tiering improve risk management?
- Portfolio tiering categorizes risks based on attributes like asset type, importance, and business impact.
- It speeds up assessment completion times and increases effectiveness by automating workflows based on predefined criteria.
- This approach ensures that resources are allocated to the most critical risks, improving overall risk management efficiency.
Why is real-time risk management critical for healthcare organizations?
- Real-time risk management provides immediate visibility into threats and vulnerabilities, allowing organizations to respond quickly and effectively.
- It ensures that leadership has accurate, up-to-date information to make informed decisions about cybersecurity investments and resource allocation.
- By addressing risks in real-time, healthcare organizations can protect patient safety, care operations, and sensitive data from cyber threats.
What are the long-term benefits of using Censinet RiskOps 5.0?
- Improved Cybersecurity Maturity: Organizations can align their programs with industry standards like NIST CSF and HICP.
- Enhanced Efficiency: Automation reduces manual effort, freeing up resources for strategic initiatives.
- Stronger Collaboration: Peer benchmarking fosters transparency and knowledge-sharing across the healthcare industry.
- Better Decision-Making: Real-time insights enable leadership to prioritize investments and allocate resources effectively.
Patient Safety: By reducing risks, the platform ensures uninterrupted care delivery and protects sensitive patient data.
How can healthcare organizations learn more about Censinet RiskOps 5.0?
- Organizations can request a demo HERE to explore the platform’s capabilities.
- Additional information is available on the Censinet website. LINK
