Regardless of the industry vertical your organization operates in; there is no getting away from compliance with the regulatory framework under which it operates. From the way in which personnel are onboarded (were there any kind of discriminatory actions during the selection process?) to the work conditions which must be adhered to ― health and safety norms set by OSHA and others ― to pay parity; there are numerous laws, regulations, rules, and professional standards which every organization, even those in healthcare, must abide by. Every organization, which benefits from government programs, needs to assure their integrity to stay out of OIG crosshairs.
Never was health information privacy as threatened as when the 75-year old Rolling Stones star Mick Jagger visited the US to undergo a procedure on his heart. When even highly respected newspapers like the New York Times were detailing the kind of cardiac procedure which Mick Jagger had undergone, and how he was resting; you knew that both HIPAA and GDPR had gone for a toss.
Healthcare providers are aware that they need to manage third-party risk by drawing up, signing, and implementing a HIPAA compliant business associate agreement (BAA) with vendors. However, organizations of every industry should note that third-party vendors like suppliers can gravely jeopardize the data security of their organization, and of customers/clients as they form a critical part of business operations.
Numerous challenges obstruct cybersecurity in general, while maintaining IT security in particular within your organization is increasingly becoming tougher. Given the steep cost of even a minor breach by way monetary penalties, loss of trust, lost work hours, potential ransom payouts to get systems up and running, loss of revenue, and civil suits ― assuring secure IT networks and systems is the more cost-effective and safer option.
