Compliance as a Service and why you need it.
The healthcare industry has been going through a difficult phase. While the COVID-19 pandemic overwhelmed health infrastructures across the globe, cyberattacks targeting the industry are skyrocketing. In 2020, healthcare was the worst affected industry by cybercrimes.1
Experts suggest that this trend will continue to only increase in the near future. This is a reminder for organizations to regularly upgrade their security and compliance posture during these times of uncertainty. There is a need to have a team dedicated to defending the network perimeter and maintaining regular compliance audits. Ideally, this is an outside vendor, like your managed service provider (MSP) or managed security service provider (MSSP).
According to a report, cybercrime has shot up by over 300% since the pandemic’s start.2 Here are a few significant attacks on the healthcare sector that have taken place since the onset of the pandemic:
- UVM Health Network had to shut down its system due to a cyberattack in October 2020, with the system outage lasting over a month.3
- In 2020, following an attack by Ryuk ransomware, Sky Lakes Medical Center, based in Oregon, had to purchase nearly 2,000 new computers. The same attack vector also hit many other hospitals over 24 hours.3
- A May 2021 ransomware attack on a California-based healthcare provider, Scripps Health, caused close to four weeks of downtime, resulting in many appointments being rescheduled or recorded via paper documentation since the systems were unavailable.4
Protected Health Information (PHI) has everything a hacker needs to commit sophisticated fraud such as identity theft. For the same reason, PHI is expensive on the dark web. The growing adoption of technology in every aspect of medicine, hybrid work environments, and telemedicine have made accessing health records a much more accessible target for sophisticated hackers.
Because of these advanced cyber threats, healthcare organizations must prioritize meeting compliance and regulatory frameworks such as the Health Insurance Portability and Accountability Act (HIPAA) and the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF). These frameworks are technically exhaustive and frequently change, so having knowledgeable outside assistance is vital.
Suppose your organization complies with the mandated regulations. In that case, you can avoid potential criminal charges, enhance operational safety, improve public relations, prevent attrition, and ensure that liability insurance claims are paid out in the event of an incident. A liability suit could end a practice for a small firm not meeting the standards.
Due to the technical complexities of internal compliance, management is easier said than done and can be challenging for most organizations. Fortunately, managed compliance as a Service can be the answer to your compliance concerns by providing expert tools and resources to guide your firm towards compliance and navigate the changes that come with additional compliance requirements.
Managed Compliance as a Service
Managed Compliance as a Service is offered by managed service providers (MSPs) to help organizations like yours meet compliance requirements. At Alpha IT we have the dedicated tools and resources to help you achieve compliance.
There are many key advantages to outsourcing your compliance requirements to a service provider. A few of those benefits include:
1. Reducing legal complications
When an expert MSP manages your compliance matters, regular follow-ups reduce your chances of experiencing compliance gaps, thus ensuring fewer legal complications.
2. Improving cybersecurity
Strictly adhering to regulatory standards ensures an additional layer of security against fraud, abuse of power, and resource wastage.
3. Streamlining administrative processes
MSPs can offer you resources and tools to streamline administrative processes that enhance security and compliance.
4. Minimizing the burden of assessment and documentation
Most organizations consider compliance assessment and documentation an obligation because it requires significant time, effort, and resources. Managed Compliance as a Service minimizes that burden.
5. Providing proof of compliance for liability insurance
You can use the accurate documentation and reporting of compliance efforts as proof while making liability insurance claims.
If you’re not sure where or how to begin your compliance journey, Alpha IT is here to help. Reach out today.
- IBM Cost of Data Breach Report
- FBI Report
- Becker’s Hospital Review