Ponemon Research Report: The Economic Impact of Third-Party Risk Management in Healthcare

Healthcare organizations are struggling to prevent or mitigate the severity of a third-party or vendor-related data breach. However, as shown in this report, current approaches to assessing and managing vendor risks are failing. Problems with current approaches to third-party risk management are creating a real economic impact as these organizations are seeing an increase in HHS and OCR fines and investigations.

Ed Gaudet, CEO and founder of Censinet, and Dr. Larry Ponemon present the research data and discuss best practices in our webinar on demand, The Economic Impact of Third-Party Risk Management in Healthcare: Ponemon Research. Watch here.

Read the research report and watch our webinar video to find key results, including:

  • The indirect and direct costs of third-party risk management for the healthcare industry averages $23.7 billion annually.
  • The lack of automation and reliance upon manual risk management processes makes it difficult to keep pace with cyber threats and the proliferation of digital applications and medical devices used in healthcare.
  • Vendor risk assessments are time-consuming and costly so few organizations are conducting risk assessment of all their vendors.
  • Critical vendor management controls and processes are often only partially deployed or not deployed at all. If controls and processes are deployed, they are not considered very effective in reducing third-party risks.

New Data Quantifies Known Challenges & Uncovers Vast Hidden Organizational Costs