Cybersecurity Prioritization & Justification for Healthcare Payers
Health insurance CISOs face unprecedented challenges controlling costs and protecting against escalating threats. At RiskLens, our unique solution to quantify cyber risk in financial terms reimagines how payers prioritize and justify cybersecurity initiatives.
The Challenges You Face
Heightened Cyber Risk
The disruptions in the healthcare sector have accelerated digital initiatives, while cyber attacks continue to escalate, leading to new levels of cyber risk.
Elevated Cost Pressures
Increased expectations and tighter budgets create pressure on security leaders to improve how they prioritize initiatives and communicate priorities to business leaders. Showing value in business terms is critical.
Increased Regulatory Expectations
HIPAA requires accurate and thorough risk assessments to prove that security measures are sufficient to reduce risk to reasonable levels, which is challenging to demonstrate under qualitative methods and frameworks.
Quantitative Risk Assessments Designed for Healthcare Payers
Improve your understanding of cyber risk, prioritize and justify your cybersecurity initiatives, and communicate your decisions in financial terms.
Anticipates Your Needs, Accelerate Decision-Making
Our Cybersecurity Prioritization & Justification solution for Healthcare Payers comes with risk scenarios ready for analysis, covering cyber threats and loss events top-of-mind for healthcare payer CISOs like ransomware, PHI data breach, and more. With your data logs and our library of industry data, your risk analysts can show your risk landscape with speed and clarity.
Enhance Security Practices
RiskLens runs on FAIR™, the international standard for cyber risk quantification recommended by the NIST CSF. HITRUST CSF also integrates with FAIR for selecting the most cost-effective controls. The RiskLens platform evaluates alternative risk reduction strategies and translates recommendations into action, whether you use NIST SP 800-30, ISO 27000 or other frameworks.
Reporting for Senior Management
Augment your current approach to communicating with your key business stakeholders. Report your top risks in financial terms and showcase the cost-effectiveness of key cybersecurity initiatives for reducing risk.
Make Risk-based Decisions to Optimize Budget
Get the most mileage from a limited budget by identifying your top risks, and then prioritize new cybersecurity investments for reducing risks in ROI terms. You’ll identify the controls and processes that can’t stand up to cost/benefit analysis and optimize budget accordingly.
Become Strategic on the Business of Risk
Development of new customer engagement platforms, data management on-prem versus the cloud, artificial intelligence – all of these big strategic investment decisions that payer organizations must make can raise risk. Communicate to senior management and the board in business terms, and you’ll elevate the cybersecurity team to a growth enabler.
Comply with HIPAA – and Gain Business Value
The HIPAA Security Rule mandates payers to evaluate the “likelihood and impact” of potential risks to PHI and document the chosen security measures, as well as the rationale for those measures. RiskLens documents risk and rationale in a transparent format with quantitative results that provides better clarity and accountability to OCR and business stakeholders.
Satisfy HIPAA Risk Analysis Requirements
A major healthcare organization wanted to move beyond the “checklist” approach to HIPAA risk analysis requirements. The organization turned to FAIR™ risk analysis practices and the RiskLens platform for information risk management to improve compliance.