Healthcare providers face increasing risks from third-party vendors, which are responsible for 50% of all data breaches in the industry. With healthcare data valued at up to $400 per record, hackers and foreign actors continue to target providers’ sensitive information. To address these challenges, healthcare organizations need a one-stop shop for vendor risk management. This page explores the risks posed by third-party vendors, the impact on patient care, and how platforms like Censinet are transforming the risk management process.
Healthcare providers need a collaborative, centralized platform to manage third-party vendor risks effectively. Solutions like the Censinet Platform provide continuous monitoring, actionable insights, and a community-driven approach to reducing vulnerabilities and protecting patient care. Take the next step to modernize your vendor risk management today.
Healthcare providers rely on third-party vendors for essential services, including electronic health records, medical devices, and cybersecurity. Third-party vendors introduce significant vulnerabilities, with 50% of healthcare data breaches traced back to vendor-related risks. Vulnerable medical devices or unpatched systems can disrupt patient care, particularly in critical areas like operating rooms.
Data breaches: Healthcare data is highly valuable, making it a prime target for hackers. Medical device vulnerabilities: Outdated or poorly updated devices can fail, impacting patient safety and care delivery. Foreign espionage: Intellectual property theft and data breaches by bad actors, both remote and physical, pose growing threats.
Continuous monitoring: Tracks vendor risks in real time, ensuring healthcare providers stay ahead of potential threats. Centralized management: Offers a single platform to manage vendor information, risk profiles, and updates efficiently. Drill-down insights: Provides access to granular details about vendor risks, enabling better decision-making and risk mitigation. Streamlined workflows: Replaces manual processes with automated tools for faster and more accurate risk assessments.
The "network effect" refers to the collective benefits of having more providers and vendors on the same platform. Collaborative risk management enables providers to share insights, identify trusted vendors, and collectively raise the standard of security. This community-driven approach allows faster responses to emerging risks and better overall decision-making.
Efficiency: A centralized platform saves time and resources by consolidating vendor risk management processes. Collaboration: Enables healthcare providers and vendors to work together proactively to address vulnerabilities. Real-time insights: Continuous updates allow providers to stay informed about vendor risks and take action as needed. Improved care delivery: By reducing risks and streamlining processes, healthcare organizations can focus on their primary mission—delivering high-quality patient care.