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Data breaches against healthcare organizations affected more than 1 million people in 2020. The average total data breach cost in the same year was far higher in the healthcare industry ( $7.13 As one can see, the healthcare industry is one of the most attractive targets for cyber attackers and data thieves.
While traditional industries such as banking, insurance, healthcare, and telecoms have borne the brunt of regulation in the past, todays digital age is fueling a risk in regulation that touches all entities, large or small. Drivers for GRC Without a doubt, the biggest driver for GRC is regulation. Technology doesnt have ethicspeople do.
For instance, if a company wants to outsource work or hire a new supplier or vendor, it will do third-party due diligence to determine any risks or possible issues with this new partnership. For example, your human resource department possibly links to healthcare insurance providers using a web-based application.
On top of that, these suppliers themselves outsource their material to second-tier suppliers. Organizations use video conferencing to discuss M&A, legal, military, healthcare, intellectual property and other topics, and even corporate strategies.
Before outsourcing your business processes or striking some other deal with vendors, you do need to assess the risks they pose. If your vendor needs to meet a compliance standard or regulation, check recent security audits to review how well it manages compliance with that standard. What Are the Most Common Vendor Risks?
While traditional industries such as banking, insurance, healthcare, and telecoms have borne the brunt of regulation in the past, todays digital age is fueling a risk in regulation that touches all entities, large or small. Drivers for GRC Without a doubt, the biggest driver for GRC is regulation. Technology doesnt have ethicspeople do.
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