Censinet Announces Major Extension of Censinet RiskOps™ to Help Protect the Healthcare Supply Chain from Disruption Risk
Post Summary
Censinet RiskOps for Supply Chain is a third-party risk management platform designed to protect healthcare organizations from supply chain disruption risks by automating assessments and providing actionable insights.
The healthcare supply chain is a frequent target of cyberattacks due to its large number of participants and limited cybersecurity capabilities, making proactive risk management essential for patient care and operational continuity.
It covers risks related to: • Financial solvency and corporate structure. • Privacy and access to sensitive data like PHI, PII, and PCI. • Physical security, subcontractor management, and international vendor oversight. • Operational resiliency and legal compliance.
It automates vendor engagement workflows, generates corrective action plans, and provides real-time insights to help healthcare organizations make informed decisions during procurement.
Visit Censinet.com/supply-chain or join the webinar on December 14, 2021, at 12:00 PM ET to learn more.
Adds Intelligence and Automation, and Scales the Company’s Extensive Collaborative Risk Network to Include Non-Technical Supplier Products and Services for Patient Care
BOSTON, November 17, 2021 – Censinet, the leading provider of healthcare IT risk solutions today announced Censinet RiskOps for Supply Chain. This new capability builds upon the Company’s extensive experience engaging vendors and automating manual parts of cybersecurity risk assessments to produce fast, high-quality results. Censinet RiskOps for Supply Chain expands assessment coverage to all non-technical supply chain vendors, products, and services. This new intelligence leverages the platform’s recommendation engine to assess unique risks rapidly, engage the vendors, and develop corrective action plans.
Compared with technical products such as those managed by IT and biomed, the non-technical products that comprise the healthcare supply chain are also critical to patient care and often include 10X the number of products and services. According to the FBI, the healthcare supply chain is more frequently a target of sophisticated attacks because of the large number of participants and their limited cybersecurity capabilities.1
“The healthcare supply chain team is under a significant amount of pressure to move quickly while managing a multitude of risks during the procurement process,” stated Ed Gaudet, CEO and Founder at Censinet. “Actionable risk insight can help supply chain managers and business owners align to business objectives and manage difficult trade-off decisions in real-time such as inventory availability, fraud reduction, safety, and supplier redundancy which are invaluable during a crisis.”
Censinet RiskOps for Supply Chain provides complete vendor-engagement workflows, automated corrective action plans, data and access insights, and actionable report generation. Supply chain risk coverage areas included as part of these new vendor, supplier, and product capabilities are:
- Financial and corporate structure to ascertain solvency and viability
- Privacy and access to PHI, PII, and PCI along with usage rights and protections
- Physical security controls if gaining entry to on-site protected areas
- Utilization of subcontractors and the processes used to manage them
- Use of international vendors, how they’re managed, and any offshoring of data
- Legal requirements and any litigation risk that may disrupt goods and services
- Operational processes such as availability and resiliency to ensure continuous delivery during events that could impact the business
“Third-party risk management is how your firm survives,” according to a Forrester report co-authored by Forrester Senior Analyst Alla Valente. “Risk to your supply chain doesn’t stop at the pandemic. Supply chains are also affected by trade wars, bankruptcies, and cybersecurity attacks, to name a few. As long as companies use third parties, supply chain risk will remain critical, and a formal third-party risk management program is a necessity.”2
Censinet RiskOps for Supply Chain is available now. For more information on how healthcare organizations can reduce and avoid the impact of risk, please visit censinet.com/supply-chain.
For more details on this topic, please join our webinar on December 14, 2021, at 12:00 PM ET Understanding and Addressing Healthcare Supply Chain Risk.
1FBI Cyber Division Flash Alert
About Censinet
Censinet, based in Boston, MA, enables healthcare organizations to take the risk out of their business with Censinet RiskOpsTM, the first and only cloud-based exchange that integrates and consolidates enterprise risk management and operations capabilities across critical clinical and business areas. RiskOps builds upon the Company’s foundational success with third-party risk management (TPRM) for healthcare. Censinet transforms healthcare risk by increasing productivity and operational effectiveness while eliminating risks to care delivery, data privacy, and patient safety. Find out more about Censinet and its RiskOps platform at censinet.com.
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Contact:
Rob Ciampa
Censinet
(617) 286-6785
rciampa@censinet.com
Twitter: twitter.com/censinet
LinkedIn: linkedin.com/company/censinet
Blog: censinet.com/blog
Key Points:
What is Censinet RiskOps for Supply Chain?
- Censinet RiskOps for Supply Chain is a third-party risk management platform tailored specifically for healthcare organizations.
- It expands upon Censinet’s expertise in automating cybersecurity risk assessments to include non-technical supply chain vendors, products, and services critical for patient care.
- The platform provides advanced automation, actionable insights, and vendor engagement workflows to help healthcare organizations mitigate supply chain risks effectively.
Why is cybersecurity important for the healthcare supply chain?
- The healthcare supply chain is a frequent target of sophisticated attacks, as noted by the FBI Cyber Division, due to:
- The large number of participants involved.
- Limited cybersecurity capabilities among many suppliers.
- Cyberattacks on the healthcare supply chain can disrupt patient care, delay procurement, and compromise sensitive data, making proactive risk management essential.
- Continuous monitoring and automation are critical to ensuring supply chain resiliency and protecting operational continuity.
What kinds of risks does Censinet RiskOps for Supply Chain address?
Censinet RiskOps for Supply Chain provides comprehensive coverage of key supply chain risks, including:
- Financial and Corporate Structure: Evaluates vendor solvency and viability to ensure reliable partnerships.
- Privacy and Data Access: Assesses risks related to PHI (Protected Health Information), PII (Personally Identifiable Information), PCI (Payment Card Information), and data usage rights.
- Physical Security: Monitors on-site security controls for access to protected areas.
- Subcontractor Management: Reviews how vendors manage and oversee their subcontractors.
- International Vendor Oversight: Identifies risks tied to offshoring, international vendors, and cross-border data management.
- Legal Compliance: Evaluates legal risks, including litigation that could disrupt goods and services.
- Operational Resiliency: Ensures vendors have processes in place to maintain continuous delivery during crises.
How does Censinet RiskOps improve supply chain risk management?
Censinet RiskOps for Supply Chain enhances risk management with these key features:
- Automation: Streamlines vendor engagement workflows and automates assessments to accelerate procurement processes.
- Corrective Action Plans: Automatically generates plans to address identified risks, saving time and resources.
- Actionable Insights: Provides real-time data and reports to help healthcare organizations make informed decisions.
- Comprehensive Risk Coverage: Extends risk assessments beyond IT to include non-technical suppliers vital for patient care.
What challenges do healthcare supply chains face?
Healthcare supply chains face a range of challenges, including:
- Cyberattacks: Ransomware and other threats frequently target the supply chain, exploiting weak links in vendor networks.
- Fragmented Risk Management: Many organizations rely on manual, outdated processes to manage third-party risks.
- Fraudulent Suppliers: Criminal groups disguise themselves as legitimate vendors to infiltrate supply chains.
- Expanding Vendor Ecosystems: The growing reliance on third parties increases the complexity of managing risks.
Why is a formal third-party risk management program essential for healthcare organizations?
- According to a Forrester report, “Risk to your supply chain doesn’t stop at the pandemic. Supply chains are also affected by trade wars, bankruptcies, and cybersecurity attacks.”
- A formal third-party risk management program ensures:
- Continuous monitoring of supply chain risks.
- Proactive identification and remediation of vulnerabilities.
- Resiliency during crises that could disrupt operations or patient care.
How can healthcare organizations learn more about Censinet RiskOps for Supply Chain?
- Visit Censinet.com/supply-chain to explore the platform’s capabilities.
- Join the live webinar on December 14, 2021, at 12:00 PM ET, featuring insights on understanding and addressing healthcare supply chain risks.
