In business as in life it’s important to cover your backside. More important and higher minded though is covering your bases. If you engage in risky behavior, it’s a good idea to insulate yourself from potential fallout; it’s even better to take steps to reduce or even eliminate the potential for fallout.
When it comes to healthcare, the stakes couldn’t be any higher. It’s critical that risk management practices be as good and as holistic as possible. As an industry, we need to do everything in our power to cover our bases and guarantee continuous high-quality health services.
In today's fast-evolving risk landscape, hospitals are looking beyond financial coverage in search of more preventative risk management solutions that could bolster operational resilience, minimize harm to reputation, and as much as possible relieve risk-related headaches of all kinds. Earlier this week, CyberMDX announced a strategic partnership with Sham (Relyens Group) designed to do exactly that.
For Sham, this partnership is part of a bigger trend within the company as they advance according to a new strategic vision that places traditional insurance as the last layer of protection against business risks. The preceding layers deal with risk incidents that haven’t yet been realized. With hospital operations ever more reliant on connected and increasingly vulnerable medical devices, cybersecurity obviously has a big part to play in that.
Europe has many of the most advanced and connected healthcare networks in the world, yet the standards for security are not where they need to be. Sham has identified that as a major risk factor and has resolved to help effectuate a change. In furtherance of that mission, they’ve tabbed CyberMDX as their healthcare cybersecurity technology provider of choice.
Sham’s new 360° cyber risk management offering rest on a six-pronged foundation:
- Full visibility of all connected devices on the clinical network
- Context-aware device classification and risk profiling
- Automated network monitoring and threat detection
- A reporting and recommendation engine for cyber risk mitigation
- Compliance assistance
- Tailored cyber insurance policies informed by the level of operational risk
This combined with Sham’s traditional risk management offering constitutes the healthcare industry’s first end-to-end risk management suite. Pairing CyberMDX’s advanced cyber intelligence and risk detection capabilities with Sham’s premier risk modeling and exposure management services, hospitals can now centrally manage their risks across all business activities and dimensions; regardless of whether those risks are expressed in terms of organizational liabilities, compromised care, medical malpractice, operational disruptions, compliance violations, data exfiltration, or anything else.
For CyberMDX, the team-up strengthens the company's strategic partnerships, expands its European operations, and builds a more end-to-end full-service experience for its users. Most important though is the synergy of the partnership in the eyes of the hospital.
During the due diligence process, we interviewed dozens of key hospital stakeholders and C-level decision makers. We found that they're all looking for the same thing – namely, peace of mind. In the past, that could have been achieved simply by being insured. Today though, with the explosion of cyber risks, many of which threaten ever graver real-world impact, that’s no longer the case.
We understand that hospital administrators are looking not only to remove the risk, but the headache it brings with it. They want end-to-end risk auditing, impact & probability analyses, and proactive mitigation – all of which should culminate in extensive incident prevention. Then, they want insurance to cover their backsides in those rare cases in which prevention doesn’t work.
We look at the hospital as a whole and ask, “how can things be made to run more safely and smoothly?” For us, partnering with Sham – Europe’s largest and most experienced healthcare risk management firm – is a big part of answering that question.
Together with our partners, we’re proud to help hospitals shift from a passive to active approach to risk management.