Today's Challenges with Third-Party Vendor Risk Management
As a Healthcare CIO or CISO, you’re responsible for ensuring third-party vendors don’t introduce cyber risks onto your network. However, current risk management processes using spreadsheets and emails are inefficient, not scalable, costly and expose you to data breaches, ransomware, downtime, and outages. Consequently, moving to the cloud while connecting medical devices to your network and the internet creates even greater risk exposure. And with data breaches 2.5 times more costly in healthcare than in any other industry, increasing fines from OCR for non-compliance due to deficiencies in risk management, and never enough cyber security resources, you can no longer afford to go it alone. You need leverage with workflow automation, one-click assessments, and real-time analytics just to keep pace. You need Censinet.
Healthcare providers rely on third-party products and services that are inherently risky.
HIPAA requires healthcare providers to identify, assess, remediate and manage third-party vendor risk.
Third-party vendors account for 50% of all data breaches, generating fines and impacting patient care.
Current manual processes cannot keep pace with the proliferation of digital applications and devices, and exponential growth of threats and vulnerabilities.
Pre-purchase Process: Risk Profiling
Current process for third-party vendor risk management is largely a manual one
Limited 1-to-1 Interaction Model
Spreadsheet or document with Provider-specific questions is emailed to target vendors.
Vendor responses are manually entered, then analyzed and reported using Provider-specific risk scoring.
No easy way to share and collaborate on risk across an organization or with other Providers.
Post-purchase Process: Risk Management
No easy way to leverage data, results or overall learnings across the current process
No central repository or advanced search
No process for learning and continual improvement