The hidden costs of third-party vendor risk management are about $3.8 million per provider annually, given the sector’s struggles to properly assess and remediate vendor risk, according to a new report from Ponemon Institute and Censinet, which sponsored the report.
Ponemon researchers surveyed 554 IT and IT security leaders from the healthcare sector tasked with third-party vendor management. They found that, overall, the sector is struggling to prevent and mitigate vendor risk or vendor-related breaches, which is causing an economic impact given the increase in the Department of Health and Human Services fines and investigations.
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