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Third-Party Risk, Bug Submissions Up for Healthcare

July 10, 2019 / Kacy Zurkus

Healthcare providers are finding it increasingly more difficult to assess and understand the risks posed by vendors, according to a new report released today by Censinet and the Ponemon Institute. The report, The Economic Impact of Third-Party Risk Management in Healthcare, surveyed 554 healthcare IT and security professionals and found that these challenges are becoming more costly for healthcare providers, with the yearly hidden costs of managing vendor risk reportedly ringing in at $3.8 million per healthcare provider. On average, each healthcare provider has 1,320 vendors under contract, yet only 36% of respondents said they are able to effectively prioritize vendor risks and only 27% said they assess all of their vendors annually. That cost from third-party risks is in excess of the $2.9 million that a data breach costs providers; however, the report also stated that over the last two years, 56% of healthcare organizations have experienced a data breach that had been introduced by...