Healthcare providers are aware that they need to manage third-party risk by drawing up, signing, and implementing a HIPAA compliant business associate agreement (BAA) with vendors. However, organizations of every industry should note that third-party vendors like suppliers can gravely jeopardize the data security of their organization, and of customers/clients as they form a critical part of business operations.
Numerous challenges obstruct cybersecurity in general, while maintaining IT security in particular within your organization is increasingly becoming tougher. Given the steep cost of even a minor breach by way monetary penalties, loss of trust, lost work hours, potential ransom payouts to get systems up and running, loss of revenue, and civil suits ― assuring secure IT networks and systems is the more cost-effective and safer option.
There is a major risk of data breach wherever records are stored digitally. This is why every organization which uses information technology (IT) devices, and has developed IT infrastructure must be mindful about the various laws, rules, regulations, and executive orders it needs to be compliant with to ensure data security.
Data privacy is something we must truly take to heart, as it holds immense power to impact both individuals and organizations alike. In recognizing this, countries around the world, including Canada, have put forth their own data privacy laws…
