Third-Party Vendor Risks Cost Healthcare $23.7B a Year, Report Finds

Third-party vendor risks cost the healthcare industry $23.7 billion per year, according to a new report from Censinet and the Ponemon Institute. The report, “The Economic Impact of Third-Party Vendor Risk Management,” also revealed that the yearly hidden costs of managing vendor risk is $3.8 million per healthcare provider. And over the past two years, 56% of healthcare organizations experienced a data breach at the hands of one or more third-party vendors.