Censinet® Accelerates Healthcare Vendor Adoption of Advanced Third-Party Risk Assessment Processes
Post Summary
It’s a database of over 5,000 risk-assessed healthcare vendors and products that streamlines third-party risk assessments.
Censinet reduces risk assessment times from weeks to seconds, automates processes, and eliminates manual, spreadsheet-based workflows.
Vendors spend an average of $2.5 million annually on risk assessments, with 43% still relying on manual processes that quickly become outdated.
Vendors can claim their profile and complete risk assessments on the Censinet platform at no cost.
Censinet and MassChallenge partnered to curate the Together Health Security Assessment (THSA), offering free risk assessment tools and educational resources for digital healthcare vendors.
Expands Ecosystem of Certified Healthcare Partners with Streamlined Onboarding for Its Digital Vendor Catalog
BOSTON – Censinet, the leading collaborative risk network for healthcare providers, today announced an open invitation for vendors across the healthcare industry to join Censinet’s growing database of over 5,000 risk-assessed healthcare suppliers and products. Those that complete an assessment on the Censinet platform are able to reduce third-party risk assessment times from weeks to seconds, differentiate on security, and become a trusted partner to buyers in healthcare.
Recent data from the Ponemon Institute and Censinet detail the challenges vendors face when responding to risk assessment requests. Fifty-five percent of vendors feel that risk assessments are costly and time consuming, spending an average of $2.5 million annually complete. In fact, as many as 43% of vendor respondents are still using only manual, spreadsheet-based processes, which become out-of-date within three months or less of completing the ambiguous and confusing risk questionnaires.
“It’s no secret that third-party risk assessment processes within healthcare are systematically broken,” said Ed Gaudet, CEO and Founder of Censinet. “Vendors not only struggle with the process of completing risk assessments, but they are penalized with lost time and delays in revenue recognition.”
Healthcare vendors can now easily claim their vendor profile and beginning using Censinet for all of their risk assessments at no cost. As an active participant in the Censinet Digital Vendor CatalogTM, organizations have the opportunity to leverage security rating across the Censinet network and jump to the front of the line as an approved vendor that complies with industry-leading security frameworks for healthcare such as NIST CSF 1.1.
Censinet and MassChallenge also today announced a partnership to curate the Together Health Security Assessment (THSA), and enable digital healthcare vendors to manage their assessments within Censinet at no cost. The two organizations will also provide digital healthcare vendors with an educational program that includes best practices, policies, procedures and controls for managing risk, starting with MassChallenge HealthTech’s current cohort of digital health startups.
For more information on Censinet and how it is helping healthcare organizations mitigate third-party risk, please visit: https://censinet.com/for-health-care-organizations/.
About Censinet
Censinet provides the first and only third-party risk management platform built by and for healthcare organizations to manage the data threats that exist within an expanding ecosystem of vendors. With its unique Censinet One-click AssessmentTM capabilities and Digital Vendor CatalogTM, the Censinet Platform reduces the time to assess vendor risk from weeks to seconds, while automating inefficient workflows and providing continuous real-time insights into the changing risk profile of each vendor. Censinet is based in Boston, MA and can be found at https://censinet.com/.
Contacts
Cait Hagaman
fama PR for Censinet
(617) 986-5052
censinet@famapr.com
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Key Points:
What is the Censinet Digital Vendor Catalog™, and how does it benefit healthcare vendors?
- A database of over 5,000 risk-assessed healthcare vendors and products.
- Streamlines third-party risk assessments, reducing completion times from weeks to seconds.
- Enables vendors to showcase compliance with industry-leading security frameworks like NIST CSF 1.1.
- Provides vendors with a trusted, unified profile that buyers can rely on to accelerate onboarding.
What challenges do healthcare vendors face with traditional risk assessment processes?
- Vendors spend an average of $2.5 million annually completing risk assessments.
- 55% of vendors find the process costly and time-consuming.
- 43% of vendors still use manual, spreadsheet-based workflows that quickly become outdated.
- Delays in risk assessment completion often result in lost time and delayed revenue recognition.
How does Censinet address these challenges for healthcare vendors?
- Automates risk assessment processes, eliminating the need for outdated manual workflows.
- Provides a platform where vendors can complete assessments at no cost.
- Reduces third-party risk assessment times to seconds, improving overall efficiency.
- Allows vendors to differentiate themselves by demonstrating strong cybersecurity practices.
What is the partnership between Censinet and MassChallenge?
- Together, they curate the Together Health Security Assessment (THSA), enabling digital healthcare vendors to manage their assessments on Censinet at no cost.
- The partnership offers an educational program for vendors, including best practices, policies, and controls for managing risk.
- MassChallenge HealthTech’s current cohort of digital health startups will benefit directly from these tools and resources.
How does Censinet help vendors comply with security frameworks?
- Supports compliance with industry standards such as NIST Cybersecurity Framework (CSF) 1.1.
- Enables vendors to use the platform to maintain alignment with security frameworks automatically.
- Helps healthcare vendors demonstrate strong security postures to potential buyers, speeding up vendor approvals.
What advantages does the Censinet platform bring to healthcare organizations?
- Accelerates vendor onboarding by providing instant access to risk-assessed vendors and products.
- Improves efficiency in third-party risk management with a centralized, automated system.
- Reduces the risk of third-party incidents with real-time insights and updates from the Digital Vendor Catalog™.
- Strengthens cybersecurity across the entire vendor ecosystem by promoting compliance with leading security frameworks.
