In some ways, the combination of managed service providers and healthcare clients is the perfect storm of targets for hackers. Attacks on managed service providers are on the rise, as are attacks on healthcare records. In fact, there were a total of 41.4 million patient records breached in 2020 alone. That’s why HIPAA compliance is so important for managed service providers.
As compliance costs skyrocket, standards grow increasingly complex, and the cyber threat environment evolves, organizations are turning to RegTech solutions to automate their compliance processes and improve their overall cybersecurity posture.
Compliance with regulatory and industry standards, such as HIPAA, PCI DSS, FedRAMP, and SSAE 16 SOC reporting, are a burdensome yet necessary part of doing business in the digital world. Organizations operating in highly regulated industries, such as healthcare and finance, face significant compliance challenges, especially when they must comply with multiple standards. HIPAA, for example, applies to any organization that handles medical records, including schools, collection agencies that handle medical debt, personal injury attorneys, and SaaS providers of healthcare software; meanwhile, these same organizations may also have to comply with PCI DSS, SSAE 16 reporting, SOX, and other applicable standards.
Organizations must figure out which standards apply to them, then continually keep up with reporting requirements, audits, and the inevitable changes in those standards as technology and the cyber threat environment evolve. It is estimated that regulatory compliance costs U.S. businesses about $2 trillion annually, and in a perverse twist, small business’s compliance costs are over three times higher than what large companies bear. This heavy burden helps explain why so many enterprise cyber security “plans” start and end with compliance, even though compliance does not equate to data security. It’s not necessarily that organizations don’t care about whether their data is secure, but that they spend so much money and time on compliance, there’s nothing left to tackle cyber security.
Fortunately, technology has made it possible for organizations to achieve compliance and secure their systems and data, at an affordable cost.
One of the biggest problems in many organizations is the fact that their compliance processes – or the processes of their third-party compliance providers – are not automated. Some companies still use spreadsheet programs such as Excel for compliance reporting and audits, even though Excel was never meant to be used with the very large data sets produced by today’s complex data environments. But RegTech software, such as Continuum GRC’s IT Audit Machine (ITAM), can.
While the term “RegTech” is most commonly associated with the finance industry, RegTech solutions can be employed by any organization that must adhere to compliance standards, including healthcare, cloud computing, SaaS, education, and public-sector organizations. RegTech solutions utilize big data capabilities and rapid report creation to automate data management and reporting. Instead of multiple, disparate spreadsheets and ledgers, RegTech software creates a centralized repository of all IT compliance requirements with associated controls and automated information flows for audits, assessments, and testing.
The big problem with big data is that it amounts to a lot of big noise unless you have the capability to analyze it and derive actionable insight from it. RegTech doesn’t just simplify your compliance processes; it also strengthens your enterprise’s cyber security by providing the advanced data analysis capabilities you need to make sense of your data environment and discover where your vulnerabilities lie. The ITAM, for example, integrates IT governance, policy management, risk management, and incident management. In addition to taking the pain out of the compliance process, it empowers you to document and analyze IT risks, develop mitigation plans, define security controls, and manage ongoing risk assessments so that you can anticipate new and emerging threats and stop them before a breach occurs.
RegTech is poised to transform IT governance, compliance, and cyber security. Organizations that employ this new technology will free up money, time, and human resources to innovate, create, and pursue long-term organizational goals instead of being bogged down in regulatory paperwork and worried about data breaches and other cyber attacks.
The cyber security experts at Lazarus Alliance have deep knowledge of the cyber security field, are continually monitoring the latest information security threats, and are committed to protecting organizations of all sizes from security breaches. We offer full-service risk assessment services and Continuum GRC software to protect companies from data breaches, ransomware attacks, and other cyber threats.
Lazarus Alliance is proactive cyber security®. Call 1-888-896-7580 to discuss your organization’s cyber security needs and find out how we can help your organization successfully simplify Governance, Risk, and Compliance, and secure your systems.
The election is over, the votes have been counted, and thankfully, other than a few isolated reports of malfunctioning voting machines, Election Night was unremarkable from a cyber security perspective. Now, it’s time to turn our attention to President Elect Donald Trump and what a Trump Administration will mean for cyber security in the U.S.
Cyber security is the only tech-related topic Trump addresses directly on his official website. At this point, his plan has four main points:
Much like HIPAA, Trump’s plan focuses on procedural generalities as opposed to technical specifics. However, this is to be expected of a presidential candidate who comes from a business background, not a tech background. The positive thing about the plan is its focus on taking proactive measures to prevent attacks, not just responding to them after they occur.
What to watch out for: Who Trump appoints to his Cyber Review Team. President Elect Trump should seek out experienced cyber security professionals with deep knowledge of the industry and the issues to hammer out the technical details of his plan.
As a candidate, Trump famously took a hardline stance on immigration, including an initial pledge to eliminate the H-1B visa program that is heavily used by the tech industry. This has alarmed many tech employers, who claim that the H-1B is necessary because there is a shortage of qualified IT workers in the U.S., and that without being able to import talent from overseas, critical positions would go unfilled. This is an important issue in the cyber security field, which faces a severe skills shortage; there are approximately 200,000 unfilled cyber security jobs in the U.S., and demand is expected to increase by 53% by 2018.
However, it is important to note that Trump softened his stance on the H-1B at a Republican debate in March, claiming, “I’m changing. I’m changing. We need highly skilled people in this country.” Additionally, since his election, he has backed off from his initial zero-tolerance immigration stance overall.
What to watch out for: Whether Trump will abolish the H-1B is debatable. As a businessman, he used it to hire foreign workers, and his wife, soon-to-be-First-Lady Melania Trump, came to America on an H-1B. However, it is likely that Trump will make some changes to the H-1B program, and it is up to cyber security companies to ensure that our voices are heard as he makes decisions on this issue.
Throughout his campaign, Donald Trump referred to cyber security in the context of national security. At a debate against Hillary Clinton in September, he spoke of the gravity of the threat of foreign cyber terrorism against the U.S.:
…when you look at what ISIS is doing with the Internet, they’re beating us at our own game. ISIS.
So we have to get very, very tough on cyber and cyber warfare. It is — it is a huge problem. I have a son. He’s 10 years old. He has computers. He is so good with these computers, it’s unbelievable. The security aspect of cyber is very, very tough. And maybe it’s hardly doable.
But I will say, we are not doing the job we should be doing. But that’s true throughout our whole governmental society. We have so many things that we have to do better, Lester, and certainly cyber is one of them.
What to watch out for: It is possible that a Trump Administration will increase spending on cyber security at the federal level and impose more stringent requirements on state and local governments. Since the number and severity of data breaches and ransomware attacks are intensifying, these would be welcome changes.
The cyber security experts at Lazarus Alliance have deep knowledge of the cyber security field, are continually monitoring the latest information security threats, and are committed to protecting organizations of all sizes from security breaches. We offer full-service risk assessment services and Continuum GRC software to protect companies from data breaches, ransomware attacks, and other cyber threats.
Lazarus Alliance is proactive cyber security®. Call 1-888-896-7580 to discuss your organization’s cyber security needs and find out how we can help your organization secure your systems.