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Gateway Community College *
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MISC
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Information Systems
Date
Apr 3, 2024
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docx
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11
Uploaded by ProfCrown16991
Parasa Sai Akhil
L20582014
Research and Outline of the Risk Management Plan for Week 1's Project Part 1
Health Network, Inc. is an organization committed to promoting community well-being and enhancing quality of life. By integrating a steadfast dedication to excellence into all aspects of the organization, they guarantee that families and individuals are provided with the utmost care and assistance. Here is a comprehensive synopsis of the organization:
a. Geographical location:
Positioned strategically in the center of New York, Location Health Network, Inc. coordinates and supervises an extensive network of healthcare services. In addition to their strategic central location, they have a pervasive presence in New York through the dispersion of numerous clinics, facilities, and healthcare partners.
b. How are we organized?
The organization has carefully crafted its structure to maximize collaboration, effectiveness, and efficiency at every level of operation. A harmonious entity is formed at Health Network, Inc. through the collaboration of numerous departments, such as Clinical Services, Administrative Support, Research and Development, Information Technology, Human Resources, Finance, and Marketing.
c. What shall we do?
They deliver an extensive range of healthcare services that are customized to address the varied requirements of our community. Primary care, specialty care, diagnostic services, rehabilitation therapy, mental health services, and wellness programs are all included in our offerings.
d. The following vendors do business with us:
Working in tandem with reliable vendors and associates is a fundamental objective of ours in order to provide outstanding care and services. Health Network, Inc. collaborates with industry-leading healthcare providers, such as the following:
1. Medical Equipment Suppliers: Facilitating patient care, treatment, and diagnosis through the provision of cutting-edge medical devices and equipment.
2. Pharmaceutical Companies: Ensuring optimal patient outcomes and medication management through the distribution of pharmaceutical products and medications.
3. Information technology providers are entities that deliver cutting-edge solutions and assistance in the domains of cybersecurity, telemedicine, data analytics, and electronic medical records.
4. Diagnostic imaging companies provide cutting-edge imaging equipment and services to facilitate accurate diagnosis and aid in the development of treatment strategies.
5. Laboratory service providers are responsible for performing extensive laboratory testing and analysis in order to support research, disease detection, and monitoring.
6. Supply chain management partners support operational efficiency and continuity of care by facilitating the procurement and distribution of medical supplies, consumables, and equipment in a seamless manner.
Significance and Objectives of the Risk Management Strategy
The implementation of a risk management plan within Health Network, Inc. serves a multifaceted and critical function, as it is integral to the success and long-term viability of the organization. The following are the primary justifications for embarking on this endeavor:
Safeguarding of Assets and Resources: in order to ensure the protection of Health Network, Inc.'s assets and resources. This includes intangible assets such as data, reputation, and intellectual property, in addition to tangible assets such as structures, equipment, and supplies. By conducting risk identification and employing suitable mitigation strategies, the probability of asset loss or damage can be reduced.
Risk management facilitates the proactive identification of potential hazards and vulnerabilities that may result in financial losses or disruptions to operations, thereby mitigating potential losses. We can protect the financial stability and continuity of our organization by mitigating the effects of unfavorable occurrences, including cyber attacks, natural disasters, and regulatory noncompliance, through the evaluation of risks and the implementation of control measures.
Ensuring Compliance with Regulations: The healthcare sector is obligated to adhere to an extensive array of regulatory standards and requirements that are designed to safeguard patient confidentiality, uphold data security, and preserve the standard of care. We can ensure compliance with pertinent laws and regulations, including HIPAA, GDPR, and other industry-specific mandates, with the aid of a solid risk management strategy. Adherence to regulations not only mitigates legal and financial vulnerabilities but also bolsters our standing
as a reliable healthcare provider.
The improvement of decision-making is facilitated by the insights that risk management imparts regarding the possible repercussions of diverse actions and choices. Through the
methodical evaluation of risks and their potential ramifications, the ability to allocate resources, establish investment priorities, and execute strategic initiatives is enhanced. This enables us to maximize the value we provide to our stakeholders and patients, as well as optimize our operations and reduce costs.
Safeguarding Stakeholder Interests: In our capacity as a healthcare institution, we bear an obligation to ensure the interests of our patients, employees, shareholders, and the wider community. An effective risk management strategy showcases our dedication to safeguarding
the concerns of all stakeholders through the mitigation of hazards and the guarantee of critical service uninterruptedly. By placing safety, security, and resilience as top priorities, we cultivate confidence and trust among our stakeholders, consequently fortifying our relationships and standing.
In brief, Health Network, Inc. places significant importance on the risk management plan due to its capacity to safeguard assets, reduce potential losses, ensure regulatory compliance, improve decision-making, and protect the interests of stakeholders. Through methodical risk identification, evaluation, and management, organizations can fortify their adaptability, resilience, and long-term viability amidst the dynamic healthcare environment.
The Risk Management Plan's Scope
The risk management strategy implemented by Health Network, Inc. is all-encompassing in nature, with the aim of safeguarding assets, data, and operations throughout the entire organization. An outline of the scope, including current assets/systems and locations, is provided below:
a. Every location:
Health Network, Inc. maintains a presence in various regions of the United States, comprising
our corporate headquarters, affiliated clinics, facilities, and healthcare providers. By encompassing all physical locations where our operations are carried out, the risk management plan guarantees uniformity and standardization in our endeavors to mitigate risks.
b. The Data Center:
Critical IT infrastructure, such as servers, storage systems, and networking equipment, is housed in our data centers. To ensure the accessibility, confidentiality, and integrity of data stored within these facilities, the risk management strategy addresses operational risks such as equipment malfunctions, power disruptions, environmental hazards, and physical security breaches.
c. Configuration of Production Servers:
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The provision of healthcare services is dependent on production servers, which house databases and applications that are critical for clinical operations, administrative tasks, and patient care. Identified and managed risks associated with server performance, availability, data loss, and unauthorized access are utilized to safeguard sensitive information and minimize service interruptions.
d. Business laptops:
Employees utilize corporate laptops for a multitude of work-related purposes, such as data access, documentation, and communication. The potential hazards linked to corporate laptops comprise unauthorized access, theft, loss, malware infections, and data intrusions. The risk management strategy encompasses actions to fortify laptops, enforce policies, and educate users regarding optimal device security protocols.
e. Mobile Technology:
Staff members employ mobile devices, including tablets and smartphones, to carry out clinical duties, access electronic medical records, and communicate while on the move. Data breaches, malware infections, device loss or theft, and unauthorized access to sensitive information are all risks associated with mobile devices. These risks are mitigated via mobile device management solutions, encryption, and user education as outlined in the risk management strategy.
f. The HNetExchange
HNetExchange is an indispensable platform for the secure exchange of healthcare data among stakeholders, patients, and providers. HNetExchange carries the following risks: data breaches, unauthorized access, issues with data integrity, and compliance violations. Using encryption, access controls, and routine audits, the risk management strategy guarantees the
security and integrity of data transmitted via HNetExchange.
g. HNetPay is:
Our payment processing system, HNetPay, is utilized for invoicing services and financial transactions. HNetPay entails the following risks: fraud, data intrusions, errors in payment processing, and compliance violations. Implementing measures to safeguard payment information, ensure adherence to regulatory standards, and detect anomalies or irregularities in transactional activities are all components of the risk management strategy.
h. The HNetConnect
HNetConnect serves as the organization's secure platform for both internal and external communication. HNetConnect carries the following risks: unauthorized access, data leakage, threats from malicious software, and compliance violations. Monitoring, access controls,
encryption, and user authentication are all components of the risk management strategy designed to safeguard the privacy and integrity of communication channels.
Through the comprehensive evaluation of potential hazards affecting all sites and existing resources/systems, the risk management strategy guarantees Health Network, Inc.'s operations remain uninterrupted, secure, and resilient. This effectively protects the welfare of
patients, employees, and stakeholders.
Hazards Pertaining to the Operational and Information Technology Aspects of Health Network, Inc.
a. The occurrence of data loss:
The potential for data loss presents a substantial peril to Health Network, Inc. It may arise due to hardware malfunctions, software inaccuracies, cyber assaults, or human fallibility. Propriate information, financial data, or patient records that are lost may result in legal ramifications, financial setbacks, and harm to one's reputation.
Implementing routine data backups, encryption protocols, access controls, and data loss prevention measures constitutes mitigation. Implementing and enforcing stringent data retention policies and lecturing personnel on appropriate data handling procedures.
b. Gaining Unauthorized Access:
Compromise of data availability, confidentiality, and integrity may result from unauthorized access to sensitive information or systems. Weak passwords, inadequate access controls, insider threats, or external cyber assaults are all potential causes. Unauthorized access may result in identity theft, data intrusions, and regulatory noncompliance.
Mitigation measures include the implementation of intrusion detection systems, role-based access controls, user activity monitoring, and multi-factor authentication. Implementing a routine process of security audits and vulnerability assessments in order to detect and rectify access vulnerabilities.
c. Neglect of Production:
Hazard: Healthcare operations can be significantly disrupted by production disruptions, which may arise from hardware malfunctions, software vulnerabilities, or cyber assaults. Such incidents can result in delayed patient care, financial setbacks, and damage to an organization's reputation. Prolonged periods of inactivity may have critical services, patient safety, and regulatory compliance at risk.
In order to reduce the impact of disruptions, mitigation entails the implementation of redundant systems, disaster recovery plans, and business continuity measures. Consistently
performing incident response exercises, maintaining communication channels, and testing backup systems are essential measures to ensure prompt response and recovery.
d. Internet Dangers:
Health Network, Inc. faces substantial risks from various internet threats, such as distributed denial-of-service (DDoS), malware, fraud attacks, and ransomware. Vulnerabilities in network infrastructure, software, or user behavior may be exploited by these threats, leading to financial losses, data breaches, and system disruptions.
Mitigation measures include the implementation of robust email filtering solutions, intrusion detection/prevention systems, firewall systems, and antivirus software to detect and block malicious traffic. Implementing routine security patches and updates, in addition to providing
continuous staff education to enhance knowledge regarding online hazards and secure procedures.
e. Insider Dangers:
Peril: Intentional or malicious insider threats pose a substantial hazard to the security and operational integrity of information technology. Permitted access may be misused by employees or contractors to compromise systems, pilfer data, or steal credentials, resulting in data breaches, financial losses, and reputational harm.
To mitigate the risk of anomalous behavior, implement least privilege access controls, user monitoring, and behavioral analytics. By performing background checks, providing continuous security awareness training, and enforcing stringent data access and handling policies and procedures.
f. Regulatory Requirement Alterations:
HIPAA, GDPR, and industry-specific standard modifications are examples of compliance risks that Health Network, Inc. faces. Noncompliance with regulations may lead to legal ramifications, including fines, revocation of accreditation, and reputational harm to the organization.
Implementing a compliance management program to monitor and respond to regulatory changes constitutes mitigation. Implementing routine audits, risk assessments, and gap analyses in order to verify compliance with present regulations. Incorporating the services of legal counsel and regulatory experts to proficiently interpret and navigate intricate regulatory
obligations.
By proactively acknowledging and mitigating these risks through the implementation of suitable measures, Health Network, Inc. can bolster its operational resilience, IT security posture, and overall risk management capabilities.
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Description of the Risk Management Structure
Health Network, Inc. implements its risk management practices in accordance with the NIST (National Institute of Standards and Technology) Risk Management Framework (RMF). In accordance with regulatory mandates and industry best practices, the NIST RMF offers a methodical and organized framework for managing cybersecurity and operational risks. This framework is divided into the following six steps:
In this phase, information systems and assets are identified and categorized according to their sensitivity and criticality to the mission and objectives of the organization.
Security Control Selection: Following the categorization of information systems, suitable security controls are chosen and customized to mitigate identified risks and fulfill the needs of the organization.
The implementation of security controls is carried out in adherence to predetermined configurations and specifications. This ensures that the controls consistently and efficiently mitigate the risks that have been identified.
Evaluation of Security Controls: The effectiveness of security controls in mitigating risks and attaining organizational objectives is evaluated through assessment. During this phase, controls are evaluated, tested, and validated in accordance with predetermined criteria.
Authorize Information Systems: Senior management grants authorization for the operation of
information systems, recognizing any remaining risks and assuming responsibility for their ongoing functioning, in accordance with the assessment outcomes.
Monitoring Security Controls: In order to detect and respond to changes in the risk environment, emergent threats, vulnerabilities, and security incidents, security controls are continuously monitored.
Health Network, Inc. guarantees a proactive and methodical approach to risk identification, assessment, mitigation, and monitoring throughout its IT and operational infrastructure by conforming to the NIST Risk Management Framework (RMF). This practice enhances the organization's resilience and safeguards the confidentiality, availability, and integrity of critical
assets and information.
Duties and Accountabilities
a. Executive Management:
Duties and obligations:
Formulating the organizational risk management strategy and objectives.
Providing support and resources for the execution of risk management initiatives.
Providing guidance and supervision to ensure adherence to policies and procedures governing risk management.
Authorizing the approval of residual risks and making decisions with regard to those risks.
Spreading the word regarding the significance of risk management and cultivating an organization-wide ethos of risk consciousness.
b. Security IT Team:
Duties and obligations:
Developing and implementing standards, procedures, and policies for IT security in accordance with the risk management framework.
Performing security audits, vulnerability scans, and risk assessments in order to detect and mitigate cybersecurity threats.
Access controls, encryption, intrusion detection/prevention systems, and incident response protocols are all components of security controls that must be managed.
Performing the tasks of monitoring and analyzing security records and alerts in order to promptly identify and address security incidents.
Delivering security awareness training and guidance to personnel regarding compliance requirements and optimal security practices.
c. The staff:
Duties and obligations:
Complying with the organization-established policies, procedures, and guidelines pertaining to IT security.
Urgently notifying the IT security team of any security incidents, suspicious activities, or vulnerabilities that may be discovered.
Engaging in security awareness training with the purpose of augmenting one's understanding
of cybersecurity threats and mitigation techniques.
Implementing sound security practices, such as utilizing robust passwords, protecting sensitive data, and adhering to access control protocols.
Staying informed and vigilant regarding potential threats and risks in order to promote a culture of compliance and security consciousness.
Health Network, Inc. establishes accountability, collaboration, and efficacy in risk management throughout the organization through the delineation of distinct roles and responsibilities. This practice enhances the organization's resilience and capacity to successfully accomplish its strategic objectives.
1. Risk Evaluation:
Risk assessment is the systematic procedure by which potential threats to the confidentiality, availability, and integrity of an organization's assets and operations are identified, evaluated, and analyzed. The process entails comprehending the probability and consequences of different threats and weaknesses, in addition to assessing the effectiveness of current controls in reducing those risks.
Method of conducting the assessment:
Identify Assets: The initial step entails the identification and cataloguing of all assets comprising Health Network, Inc. This includes both tangible assets (such as structures and equipment) and intangible assets (including data and systems).
Identify Vulnerabilities and Threats: Potential vulnerabilities and threats that could affect the functionality and security of these assets will be evaluated. This involves taking into account both internal and external vulnerabilities (e.g., insufficient security controls, human error, and
cyber attacks, respectively).
Assess Impact and Likelihood: We shall assess the likelihood and impact of identified risks on the operations, reputation, and financial stability of the organization. In addition, we shall evaluate the probability that these hazards will materialize.
Risk Prioritization: In accordance with the assessment results, we shall rank risks in order of importance and probability, with an emphasis on those exhibiting the most severe consequences and occurrence rate.
In conclusion, risk treatment plans shall be formulated with the objectives of mitigating, transferring, or accepting the risks that have been identified. This may necessitate the investment in risk mitigation measures, the implementation of supplementary security controls, or the transfer of risk via insurance.
2. Risk Reduction:
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Risk mitigation entails the execution of strategies aimed at diminishing the probability or severity of identified hazards to a level that is deemed acceptable. The primary objective is to reduce susceptibilities, fortify safeguards, and bolster resistance against possible hazards.
Concerning organizational resources: Data Protection: Risk mitigation strategies including data encryption, routine backups, access controls, and disaster recovery plans serve to fortify sensitive information against illicit access, theft, or loss.
Safeguarding Systems: The implementation of security controls, including but not limited to firewalls, antivirus software, intrusion detection systems, and patch management, serves to safeguard corporate notebooks, production servers, and other IT assets against unauthorized
access and cyber threats.
Investing in redundancy, failover systems, and secondary power supplies aids in the prevention of production outages, thereby guaranteeing that essential systems and services remain operational at all times.
By establishing controls and procedures to ensure adherence to regulatory requirements, an organization can reduce the likelihood of non-compliance and thereby safeguard itself against potential legal and financial repercussions.
3. BIA: Business Impact Analysis
Business Impact Analysis (BIA) is a systematic procedure employed to ascertain and rank recovery strategies and priorities, evaluate the potential repercussions of disruptions on critical business functions and their interdependencies, and identify and rank critical business
functions and their dependencies.
In relation to the operations of a typical business:
BIA facilitates the identification of critical functions, including applications, processes, and resources that are indispensable for the execution of daily business activities. This practice guarantees the efficient allocation of resources to sustain essential operations.
Impact Assessment: Before implementing a solution, BIA assesses the potential repercussions of critical function disruptions, such as financial losses, noncompliance with regulations, reputational harm, and consumer repercussions. This data aids in the prioritization of recuperation initiatives and the allocation of resources.
BIA outcomes provide valuable insights for the formulation of Business Continuity Plans (BCPs) through the identification of recovery time objectives (RTOs) and recovery point objectives (RPOs) that pertain to critical functions. This guarantees that BCPs are customized to suit the particular requirements and priorities of the organization.
4. BCP: Business Continuity Plan
A Business Continuity Plan (BCP) is an all-encompassing manuscript that delineates protocols and tactics to ensure the uninterrupted operation and functioning of critical business functions and undertakings both during and subsequent to a disruptive incident.
The High-Level Plan Synopsis:
The purpose and scope of the plan will be delineated in the BCP, encompassing vital business
operations, essential personnel, and interdependencies. The document will delineate the aims, presumptions, and obligations pertaining to the preservation of business continuity.
The BCP will integrate the findings of risk assessments and BIA in order to identify potential hazards, evaluate their repercussions on critical operations, and establish recovery priorities.
Procedures for Response and Recovery: The BCP shall delineate a series of sequential actions
for recovering from disruptive incidents and responding to them. These actions shall comprise activation protocols, communication plans, and recovery strategies.
Resource prerequisites: The BCP shall ascertain the facilities, personnel, equipment, and resources necessary to bolster business continuity initiatives, thereby guaranteeing the availability of sufficient resources at the required time.
For the purpose of ensuring the plan's continued efficacy and currency, the BCP will incorporate provisions for routine training, testing, and maintenance. Conducting tabletop exercises, simulations, and demonstrations to verify response procedures and pinpoint areas
that require enhancement may be required.
Through the implementation of these risk management processes and plans, Health Network, Inc. can bolster its resilience against potential threats and disruptions, minimize operational interruptions, and guarantee the uninterrupted flow of activities.