Atlanta — June 26, 2014 — CORL Technologies, a leading provider of Vendor Security Risk Management (VSRM) solutions, today announced the results of the first Vendor Intelligence Report that rates the security level of vendors in the healthcare industry. The report reveals that the majority of healthcare vendors lack minimum security, which is illuminated by the fact that more than 58% scoring in the "D" grade range for their culture of security. The report also highlights that healthcare organizations are failing to hold vendors accountable for meeting minimum acceptable standards or otherwise mitigate vendor-related security weaknesses.
"The average hospital's data is accessible by hundreds to thousands of vendors with abysmal security practices providing a wide range of services," said Cliff Baker, CEO, Corl Technologies. "When healthcare and industry organizations don't hold vendors accountable for minimum levels of security, these vendors establish an unlocked backdoor to sensitive healthcare data."
These new findings are critical to addressing the growing number of security incidents at companies attributed to partners and vendors – which increased from 20% in 2010 to 28% in 2012 according to PWC in its "Viewpoint on Vendor Risk Management" (November 2013). Building on this problem, the PWC "US State of Cybercrime Survey" (June 2014) highlights that business partners fly under the security radar: only "44% of organizations have a process for evaluating third parties before launch of business operations" and only "31% include security provisions in contracts with external vendors and suppliers."
The Vendor Intelligence Report, which kicks off a new series of studies to be published by the CORL research team, is based on the analysis of security related practices for a sample of over 150 vendors providing services to leading healthcare organizations from June 2013 to June 2014. CORL researchers analyze the people, process and technical practices of these organizations. Leading providers and health plans use CORL to provide risk scorecards and ongoing monitoring of information protection practices of vendors.
The four key trends and supporting data that emerged from the analysis include:
The Majority Of Healthcare Vendors Lack Minimum Security Practices To Protect Data.
Healthcare Organizations Are Unaware Of All The Vendors That Have Access To Their Data.
"We rely on critical healthcare services provided by partners that have access to PHI. These partners must take greater responsibility for protecting this information. We are looking for methods to assure each other that we protect patient data properly," said Leo Dittemore, HCISPP and Director of Information Security and Privacy for HealthCare Partners.
"Although the HIPAA Omnibus Rule identifies that the individual actors are responsible in the event of a breach, if it is my organization's data that is made public, the source does not matter. It was my responsibility to have protected it, so says our customer. We can no longer rely on the actions of others to keep us off the front page," said Mark Williams, CISSP, CISA, CRISC, CIPP/IT, GIAC and President of the ISSA chapter in Chattanooga.
"Third-party breaches and regulations are increasing drastically in the healthcare industry, but effective third-party security risk management is expensive, time consuming, and resource intensive. CORL is in a unique position to have access to security data across the healthcare vendor ecosystem. We hope to use this information to illuminate gaps and provide recommendations to healthcare organizations and vendors alike that will help improve their risk management processes – and, ultimately, improve their overall security and risk posture," added Baker.
To download the full report visit: http://www.vendorsecurityrm.
CORL is an innovative and leading provider of Vendor Security Risk Management solutions. The organization was founded to address the need for vendor security intelligence. Delivered as a managed service and supported by an expert team of research analysts and a collaborative intelligence sharing community, CORL's Vendor Security Risk Management solutions are used alone or as part of a larger Vendor Risk Management program and GRC solution. With CORL, organizations can leverage intelligence to understand and monitor risk with its vendors, ease compliance audits and improve executive-level communications and risk analytics reporting. Customers of its flagship product include many of the nation's largest companies. Visit CORL at www.vendorsecurityrm.com or follow Twitter (@CORLTECH) and LinkedIn.