September 24th, 2018

Healthcare & Cyber Risk – Quantifying Exposure

Posted at 1:00 AM ET

holding-healthcare-to-ransom-cover-image-6The new study, Holding Healthcare to Ransom by Marsh & McLennan Companies Global Risk Center, reports that about 56 percent of healthcare respondents in the Marsh-Microsoft Global Cyber Risk Perception Survey say their organizations measure the cyber risks that they are exposed to, but a significant proportion do so using qualitative methods.

Three in four organizations do so with basic categories on the exposure scale or “maturity levels” to benchmark against their peers; and only a handful of those that measure cyber risk conduct economic quantification such as value at risk modeling (30 percent) and numerical rankings (16 percent of those who measure) within a fixed framework.

Considering the expected high financial impact of cyberattacks and data breaches, healthcare organizations should allocate more resources to better understand the magnitude of cyber risks as part of their overall risk profile, through quantifying the potential impacts.

An all-encompassing data and cyber risk strategy is founded upon a robust assessment of risk, a defined risk appetite, and quantification of risk exposure. The risk management strategy then drives the right governance, identifies threats and corrective actions, and quantifies the amount of investment necessary to close gaps and vulnerabilities. Industry-specific mechanisms should be designed to safeguard against incidents as well as implement a playbook for response and recovery plans in case of breaches.

Healthcare organizations should continue to prioritize training for employees as effective cyber resilience has its roots within the culture of an organization and its people.

Holding Healthcare to Ransom - Healthcare Industry’s Fight Against Cyberattacks

Healthcare Target of Increased Cyberattacks

Healthcare & Cyber Risk - The Need to Distribute Cyber Risk Management

Read the full report: Holding Healthcare to Ransom >>

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