Censinet Announces New Portfolio Management Capabilities to Accelerate Cyber Risk Management and Incident Response
Post Summary
Censinet introduced automated NIST 800-30 risk assessment workflows, tier-based reassessment scheduling, and breach and ransomware monitoring.
By automating reassessments, Censinet reduces completion times by 95%, improving efficiency and cutting costs.
NIST SP 800-30 is a guide for conducting risk assessments. Censinet automates its best practices, including risk tiering, reassessment scheduling, and corrective action plans.
Censinet provides daily monitoring of vendor breaches and ransomware events, notifying users of incidents to speed up response and recovery.
The updates enhance risk visibility, automate compliance, reduce reassessment times, and improve incident response, safeguarding patient care.
Major Product Update Uniquely Delivers Automated Support for NIST Risk Assessment Best Practices; Automates Reassessment Scheduling and Reduces Reassessment Completion Time by 95%
BOSTON, MA – DECEMBER 21, 2022 – Censinet, the leading provider of healthcare risk management solutions, today announced a powerful set of new portfolio management capabilities that significantly accelerate third party risk management and incident response. Building upon the release of Censinet RiskOpsTM 5.0 in September 2022, this release introduces several new innovations for comprehensive automated support for NIST Special Publication (SP) 800-30, Guide for Conducting Risk Assessments, including risk tiering and automated reassessment scheduling, delta-based reassessments, and tier-based corrective action plan (CAP) generation. This release also introduces breach and ransomware vendor monitoring to accelerate incident response and recovery.
NIST SP 800-30 states: “Risk assessments are not simply one-time activities….Rather, organizations employ risk assessments on an ongoing basis throughout the system development lifecycle and across all of the tiers in the risk management hierarchy—with the frequency of the risk assessments and the resources applied during the assessments commensurate with the expressly defined purpose and scope of the assessments.”
This product release transforms NIST 800-30 best practices into automated risk workflows to ensure the highest-risk vendors and products are automatically reassessed more frequently across the entire contract lifecycle. For organizations that have yet to establish a reassessment policy, Censinet provides out-of-the-box, default settings for tier-based reassessment scheduling. With new delta-based reassessment capabilities, organizations can dramatically reduce reassessment completion times by 95% – delivering unparalleled productivity gains and demonstrable cost savings for third party risk management programs over many years.
“Censinet portfolio management capabilities set a new standard for total automation in third-party risk management,” said Paul Russell, Chief Product Officer at Censinet. “Working with leading healthcare organizations to automate key workflows for tiering, reassessments, and NIST best practices, Censinet widens the aperture on third-party portfolio risk visibility and delivers unparalleled efficiency gains, continuous risk reduction, and enduring cost savings.”
Also in this release, Censinet’s built-in, automated correct action plans (CAP) now dynamically adjust findings and corrective actions based on tier levels for each vendor and product. Powered by Censinet’s curated findings and corrective actions, this new capability produces an automated CAP that is better calibrated to the specific risks that a vendor or product represents to the organization. What’s more, organizations can now define, customize, and automate their own tier-based findings and corrective actions based on organizational tier policy or risk appetite. Organizations automatically set these customized tier-based corrective actions to be included in contractual language for specific vendor/product tiers going forward.
“With these new portfolio management capabilities, Censinet continues to reduce costs and improve inefficiencies in risk management processes,” said Matt Christensen, director, governance, risk and compliance at Intermountain Healthcare. “The Censinet platform helps us identify third party vendors that represent the highest potential risk. These new Censinet capabilities will better enable us to enforce cyber risk policies through automation, and drive continuous, tier-appropriate risk assessment, reassessment, corrective action plan generation, and remediation.”
Also included in this product update, Censinet provides daily monitoring of vendor breaches and ransomware attacks. While Censinet helps organizations identify and reduce the risk of a third party incident through its actionable insight, it strengthens this capability with information about breaches and ransomware attacks related to vendors in an organization’s third-party portfolio. Third-party vendor breach and ransomware events are continually monitored and updated, and Censinet users are automatically notified when an incident or event is detected. This unified view provides a new dimension of risk visibility across the third-party portfolio and speeds up response and recovery upon incident.
Availability
All of these capabilities are available now and included in the Censinet RiskOps platform. To learn more about this product update, please contact us at info@censinet.com or to request a demo, please visit www.censinet.com/riskops-demo-request/.
About Censinet
Censinet®, based in Boston, MA, takes the risk out of healthcare with Censinet RiskOps, the industry’s first and only cloud-based risk exchange of healthcare organizations working together to manage and mitigate cyber risk. Purpose-built for healthcare, Censinet RiskOpsTM delivers total automation across all third party and enterprise risk management workflows and best practices. Censinet transforms cyber risk management by leveraging network scale and efficiencies, providing actionable insight, and improving overall operational effectiveness while eliminating risks to patient safety, data, and care delivery. Censinet is an American Hospital Association (AHA) Preferred Cybersecurity Provider. Find out more about Censinet and its RiskOps platform at censinet.com.
###
Contacts:
Justyn Thompson
(617) 221-6875
jthompson@censinet.com
Twitter: twitter.com/censinet
LinkedIn: linkedin.com/company/censinet
Blog: censinet.com/blog
Key Points:
What are the new portfolio management capabilities introduced by Censinet?
- Automated workflows for NIST SP 800-30 risk assessment best practices.
- Tier-based reassessment scheduling to prioritize high-risk vendors and products.
- Delta-based reassessments that reduce completion times by 95%.
- Automated corrective action plans (CAP) tailored to vendor and product risk tiers.
- Daily monitoring of vendor breaches and ransomware attacks for real-time incident response.
How does Censinet support NIST SP 800-30 best practices?
- Automates risk tiering to ensure high-risk vendors are reassessed more frequently.
- Provides out-of-the-box default settings for organizations without reassessment policies.
- Generates tier-based corrective action plans aligned with NIST guidelines.
- Transforms manual NIST workflows into automated processes for efficiency and compliance.
How does Censinet accelerate third-party risk management?
- Reduces reassessment completion times to less than 10 days, with delta-based reassessments taking just hours.
- Automates vendor and product risk workflows across the entire contract lifecycle.
- Provides a Digital Risk Catalog™ with over 34,000 vendors and products for streamlined management.
- Enhances productivity and delivers significant cost savings for healthcare organizations.
What is the significance of breach and ransomware monitoring in this update?
- Daily monitoring of vendor breaches and ransomware attacks ensures real-time risk visibility.
- Automatically notifies users of incidents to accelerate response and recovery.
- Provides actionable insights to reduce the risk of third-party incidents.
- Strengthens cybersecurity by offering a unified view of third-party portfolio risks.
What benefits do these updates bring to healthcare organizations?
- Improved efficiency through automation of risk management workflows.
- Enhanced risk visibility across third-party vendors and products.
- Faster incident response and recovery with breach and ransomware monitoring.
- Continuous compliance with NIST SP 800-30 and other cybersecurity frameworks.
- Significant cost savings and productivity gains for risk management programs.
How does Censinet’s platform improve corrective action planning?
- Dynamically adjusts findings and corrective actions based on vendor and product risk tiers.
- Allows organizations to define and customize tier-based corrective actions.
- Automates inclusion of corrective actions in contractual language for future vendor agreements.
- Ensures corrective actions are calibrated to specific risks, improving remediation efforts.
