BY THE NUMBERS – FIRST QUARTER – 2017
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Risk analysis and risk management is critical to effectively plan an information security risk management program. The HIPAA Security Rule, Meaningful Use Stages 1 and 2, and the Payment Card Industry Data Security Standard (PCI DSS) all require organizations to periodically assess their information risks.
For many organizations, conducting a risk analysis can be a daunting task. Our approach to risk analysis is based upon the guidance from the National Institute of Standards and Technology (NIST) and documents created by the Department of Health and Human Services (HHS) and/or the Centers for Medicare and Medicaid (CMS)
Regardless of the size, each organization is required to comply with HITECH and the HIPAA Security Rule risk analysis requirement. The Rule requires a risk analysis of all applications including bio-medical devices that store ePHI to assess the potential risks and vulnerabilities to the confidentiality, integrity, and availability of ePHI held by the covered entity or business associate, or on behalf of the covered entity or business associate.
Risk analysis is the process of identification of threats, controls, vulnerabilities, and the rating of potential risks so that limited resources (people, time, money) can be applied where most needed.
Risk management is the process of trying to reduce, mitigate, or manage risk to an acceptable level as determined by the business/process owners (which in most cases, should not be IT folks).
A common abbreviation used today is GRC. Stands for: Governance, Risk, and Compliance. Any safeguards and controls applied should be based upon one of those three drivers.
All of tw -Security’s risk analysis customers that have undergone a Meaningful Use audit have passed the security risk analysis requirement! Therefore, consider the advantages of engaging a certified security professional with a proven repeatable process, associated tools, and experience to assist you. Our risk analysis deliverables have been described as 'elegant'.
Some organizations are conducting an "analysis" that is primarily "compliance based" with the HIPAA Security Rule. Our approach to risk analysis is "risk based." Note that the following key words not found in the HIPAA Security Rule either represent a threat, an area of risk concern, or a control: