Cybersecurity Prioritization and Justification Solution for Healthcare Payers Debuts on Leading Platform for Cyber Risk Quantification to Assess and Communicate Cyber Risk in Non-Technical, Business Terms
RESTON, Va. and SPOKANE Wash., Apr. 6, 2021 (GLOBE NEWSWIRE) - RiskLens, the leading provider of cyber risk quantification (CRQ) and cyber risk management software, today debuted the RiskLens Cybersecurity Prioritization and Justification solution for Healthcare Payers on the recently launched RiskLens platform.
Chief Information Security Officers (CISOs) in the healthcare payer industry face unprecedented pressures to secure digital-transformation initiatives while defending against a harsh environment for ransomware, data breaches and other cyber threats. They need a way to prioritize security gaps, justify investments in new and existing cybersecurity initiatives, and communicate to stakeholders in business terms, not technical jargon or qualitative, red-yellow-green risk rating systems.
With the RiskLens platform, cybersecurity teams assess cyber risk with Factor Analysis of Information Risk (FAIR™), the international standard for CRQ, to understand their risk in business terms such as loss exposure or return on investment (ROI) and gain a solid foundation for decision-making and communication.
The platform’s new Cybersecurity Prioritization and Justification solution for Healthcare Payers was created specifically for the requirements of cybersecurity at payer organizations, with pre-populated, industry-specific data and risk scenarios to significantly accelerate and simplify analysis of the most common – and critical – loss events such as data breaches or ransomware attacks.
The solution leverages the capabilities of the latest version of the RiskLens platform designed to make FAIR faster and easier, including: Rapid Risk Assessments (complete analyses in minutes), Risk Treatment Analysis (comparative and cost-benefit analysis of risk treatment options) and integrated industry data.
With the Cybersecurity Prioritization and Justification solution, within 90 days Healthcare Payer CISOs will quickly gain benefits such as understanding and providing visibility into the impact of cyber events and securing buy-in from key stakeholders for cybersecurity initiatives, elevating the cybersecurity team to a position of business advisor and growth enabler. In addition, CISOs will be able to improve compliance with the HIPAA Security Rule requirements for risk analysis and risk management, prioritize compliance activities driven by HITRUST CSF or NIST, and optimize resource allocation and spending.
RiskLens worked closely with Healthcare Payer CISOs to develop the new solution, among them Omar Khawaja, CISO at Highmark Health, one of the largest Blue plans in the US. “With RiskLens, we are taking the security program away from being a cost center to being a value center,” Khawaja commented. “I can have conversations with business leaders in a much more confident manner because I’m measuring risk in ways that are applicable to the business. And I can empower my team to make optimal decisions on prioritizing projects based on risk reduction.”
“The new RiskLens Cybersecurity Prioritization and Justification solution for Healthcare Payers brings the power of FAIR quantitative cyber risk management to this important sector of the economy,” said Nick Sanna, CEO of RiskLens. “Expect to see more outcome-based solutions on this model – with fast and easy tools for analysis and reporting, backed by rich, sector-specific data – coming from RiskLens in the near future.”
For more information, visit our website at www.risklens.com/cyber-risk-solutions/healthcare-payer.
RiskLens helps organizations make better cybersecurity and technology investment decisions by quantifying cyber risk in financial terms. We are the creators of Factor Analysis of Information Risk (FAIR™), the international standard for cyber risk quantification, and the Technical Advisor to the FAIR Institute. The RiskLens platform is the only enterprise-scale SaaS application for FAIR analysis, and the RiskLens FAIR Enterprise Model (RFEM) creates flexibility to adopt FAIR and build programs, supporting companies at various levels of maturity and different types of business needs. With our capabilities across the risk management process and a large client base of Fortune 500 companies, RiskLens is the only company with the expertise necessary to help companies navigate their most complex and challenging cybersecurity decisions. Visit us at www.risklens.com