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Manage the Financial and Human Impact of Cyber Risk
The healthcare industry has been one of the most attacked by cybercriminals in the past few years as the combination of highly valuable data and immature cyber risk management practices has made it a top target. The result has been ever-growing losses driven by cyber events. No matter where your organization is in the Healthcare industry, your exposure to cyber events is among the highest among all industries and your task as a cyber risk professional is among the most critical.
Your mission is to help protect not only the business but also patient confidentiality, and in some cases human life itself, from the negative impact of cyber events. You are mandated by U.S. Department of Health and Human Services (HHS) Office for Civil Rights (OCR) to meet the requirement by the HIPAA to conduct regular risk assessments and take reasonable steps to manage cyber risk. But what steps are reasonable if you have no way of measuring what is truly at risk?
RiskLens helps organizations across the healthcare industry to manage cyber risk from the business and the patient perspective.
Assess
Cyber Risk in Business and Human Terms
With RiskLens it is finally possible to translate cybersecurity risk into the language of your healthcare business. You will adhere to HIPAA guidance on risk assessment and management by truly understanding both the likelihood and potential of harm to the business and to patient confidentiality and safety.
Maximize
Risk Reduction
Build a truly effective security program by focusing your strategic and tactical initiatives on tackling the biggest risks for the organization. Deliver a cyber risk management program mapped to NIST SP 800-30 by evaluating alternative risk reduction strategies, determining the right action to meet organizational risk tolerance and evaluating the success of your program based on overall risk reduction.
Advance
Your Security Programs with a Risk-Based Roadmap
Drive more targeted adoption of frameworks like HITRUST CSF and NIST CSF by prioritizing initiatives based on their ability to reduce risk. Avoid enforcement action from OCR and justify more investment from the organization for meeting security rules such as HIPAA, by exposing the true financial cost of non-compliance.
Quantitative Risk Management in Healthcare
Two cutting edge CISOs in the Healthcare sector – Omar Khawaja from Highmark Health and Joey Johnson from Premise Health – talk about effective cyber risk management in Healthcare. The duo discuss ways that cybersecurity can better inform the business to the risks it faces and, in the process, become a business enabler.
Quantitative Risk Management in Healthcare
Two cutting edge CISOs in the Healthcare sector – Omar Khawaja from Highmark Health and Joey Johnson from Premise Health – talk about effective cyber risk management in Healthcare. The duo discuss ways that cybersecurity can better inform the business to the risks it faces and, in the process, become a business enabler.
Change the Cybersecurity Discussion
Provide a level of business visibility you once thought impossible
Thanks to a healthy information sharing attitude and the support of government organizations such as the U.S. Department of Health and Human Services, Healthcare providers are well informed as to the major risk scenarios they face. Ransomware attacks that lead to disruption in service, attacks against connected medical devices that bring them offline and threaten patient safety, theft or loss of patient PHI or PII all rank among your top concerns. But what is the potential impact of one of these events occurring in both financial terms and in terms of patient confidentiality and safety?
Compliance-only based approaches to cybersecurity cannot answer that question, but adopting cyber risk quantification makes those answers clear and inescapable. This newfound visibility leads to better support from the business for the people, processes and technologies you need to deploy.
Manage Cybersecurity as a Business Concern
Prioritize initiatives based on their ability to reduce financial and patient risk
Stop drowning in a sea of neverending issues (audit findings, incidents, security policy exception requests, …) and identify what matters most based on the impact on the organization. Rapidly assess your top risks as required by HIPAA and triage which situation require the most attention and which not.
Then evaluate and prioritize your risk mitigation initiatives. Not all the controls and risk management activities listed by frameworks such as HITRUST CSF and NIST CSF are equally effective, leaving you guessing on which ones you should do first and how many resources to allocate to them. With RiskLens, you can conduct comparative and cost-benefit analyses and optimize your cybersecurity budget based on your risk tolerance level.
Drive Cybersecurity Evolution
By forming a true partnership with the business
Overcome years of underinvestment and resource scarcity for cybersecurity in healthcare by opening the eyes of the business to the true risks it faces. Get a seat at the table and become a partner to the business by translating cyber risk in a language they understand, so that they can make risk-informed decisions.
Go beyond industry benchmark comparisons which tell you little about your organization’s unique needs. With RiskLens, you can present to the business owners the possible loss exposure a certain project or their business is facing and propose alternative treatment options they can choose from. Confidently answer questions such as: “Are we spending too much or too little on cybersecurity?”; “What is the ROI of this strategic security initiative?”; “What product architecture exposes us to the least amount of risk?”; “What type and amount of cyber insurance coverage do we need?”
More on Cyber Risk Quantification for Healthcare
July 18, 2019
June 12, 2019
Understanding Cyber Risk Quantification
A Journey into the Future of Cyber Risk Management
Cyber Risk Quantification (CRQ) is now viewed as a core pillar of any effective Integrated Risk Management program. This short explainer video walks you through the RiskLens Platform and gives you a glimpse into your future as a top tier cyber risk management organization.
CISO Masterclass: Reporting Cyber Risk to the Board
Omar Khwaja is the CISO at Highmark Health. He presents a case study at FAIRCON ’18 on how he has used the FAIR model to completely change the way he reports on cyber risk to the board. He’ll give you insights that are invaluable on your own journey – pointing to pitfalls to avoid and successes he found around every corner.
CISO Masterclass: Reporting Cyber Risk to the Board
Omar Khwaja is the CISO at Highmark Health. He presents a case study at FAIRCON ’18 on how he has used the FAIR model to completely change the way he reports on cyber risk to the board. He’ll give you insights that are invaluable on your own journey – pointing to pitfalls to avoid and successes he found around every corner.
"It'’s important that we have a risk-based culture. Risk in my mind is the bridge that connects the business world to the technical world of security controls. We looked at different ways we could be more explicit about a risk-based culture, and we landed on FAIR"
"If CISOs push back on quantifying potential loss, I find that unacceptable as a board director. CISOs need to advance."
"When virtually every aspect of the business is quantitative...having the CISO give red/yellow/green heat maps is debilitating to decision-making."
An Executive's Guide to Cyber Risk Economics
Jack Jones - creator of the internationally recognized FAIR model and co-founder at RiskLens provides a high-level introduction to managing cyber risk from a business perspective. You'll learn how the FAIR model powers cost-benefit analysis for security initiatives on a par with other forms of enterprise risk management. Read this eBook and never be satisfied again with simple red-green-yellow risk ratings.
Demand Better Visibility into Cyber Risk
Within a matter of weeks you can completely change your understanding of cyber risk. Encourage your organization to embrace cyber risk quantification. Schedule a Demo today.