Research templates, and look for risk outcome examples from organizations of a similar type as your organization. Write a report identifying the risks associated with the current position your organization is in, and how your organization can mitigate risk by using information security systems policies. Include an introduction explaining the following: Who? What? When? Why? Be sure to add a conclusion with a rationale detailing how risks can be mitigated. Reference your research so that Sean may add or refine this report before submission to senior management.

QUESTION

Assignment: Risk Management in a Business Model

Learning Objectives and Outcomes

• Create a report documenting various aspects of how risk management impacts the business model.

Scenario

You work for a large, private health care organization that has server, mainframe, and RSA user access. For the third week in a row, Sean comes into your office at 5:00 p.m. on Friday and needs you to write a report describing some of the risks associated with not having all the security items in place. He needs you to research a generic risk management policy template and use that as a starting point to move forward. He also asked you to search for risk outcome examples from organizations similar to theirs.

The task is due over the weekend.

You realize that your organization does not have much in the way of an information security strategy, and is missing many of what you think are critical components. Your organization is compliant with the Health Insurance Portability and Accountability Act (HIPAA) and follows other external compliance requirements.

Assignment Requirements

Research templates, and look for risk outcome examples from organizations of a similar type as your organization. Write a report identifying the risks associated with the current position your organization is in, and how your organization can mitigate risk by using information security systems policies. Include an introduction explaining the following: Who? What? When? Why? Be sure to add a conclusion with a rationale detailing how risks can be mitigated. Reference your research so that Sean may add or refine this report before submission to senior management.

Required Resources

• Internet access

Submission Requirements

• Format: Microsoft Word
• Font: Arial, 12-Point, Double-Space
• Citation Style: Your school’s preferred style guide
• Length: 1–2 pages

ANSWER

Risk Management and Information Security in the Healthcare Industry

Introduction

In this report, we will explore the risks associated with the current information security position of our healthcare organization. The organization is compliant with the Health Insurance Portability and Accountability Act (HIPAA) and adheres to other external compliance requirements. The purpose of this report is to identify these risks and propose measures to mitigate them through the implementation of information security systems policies.

Who

Our organization is a large, private healthcare organization that provides a range of medical services. We handle sensitive patient data, including personal health information (PHI), and utilize server, mainframe, and RSA user access systems.

What

The absence of a robust information security strategy poses significant risks to our organization (Salih et al., 2019). Without adequate security measures in place, we are vulnerable to various threats, such as data breaches, unauthorized access, and potential legal and financial repercussions. Additionally, failure to comply with HIPAA and other regulatory requirements may lead to severe penalties and damage to our reputation.

When

The lack of an information security strategy has been an ongoing concern. This report aims to address the issue promptly to ensure that our organization is adequately protected against potential risks.

Why

Implementing effective risk management and information security practices is crucial for our organization for several reasons. Firstly, safeguarding patient data is essential to maintain trust and confidentiality. Secondly, compliance with HIPAA and other regulations is mandatory and failure to do so can result in severe consequences. Finally, a strong information security strategy can help protect our organization’s reputation and ensure business continuity.

Risks and Mitigation MeasuresData Breaches: Inadequate security measures can lead to unauthorized access to patient data, resulting in potential data breaches. To mitigate this risk, we should implement robust access controls, encryption methods, and regular security audits. Incident response plans and staff training should also be established to effectively respond to any breaches (Coleman et al.,2004)

Insider Threats: Employees with malicious intent or negligence can pose significant risks to data security. Implementing user access controls, segregation of duties, and regular security awareness training can help minimize this risk. Background checks and monitoring systems can assist in identifying any suspicious activities.

Regulatory Non-Compliance: Failure to comply with HIPAA and other regulations can lead to severe penalties and legal consequences. We should establish information security policies and procedures aligned with regulatory requirements. Regular audits and assessments should be conducted to ensure ongoing compliance (Cagliano et al., 2011).

Physical Security Risks: Inadequate physical security measures, such as unsecured server rooms or lack of proper access controls, can lead to unauthorized access to critical systems. Implementing physical security controls, such as surveillance cameras, access card systems, and secure storage facilities, can mitigate this risk.

Conclusion

To mitigate the risks associated with the current information security position, our organization must develop and implement a comprehensive information security strategy. This strategy should include policies and procedures addressing data breaches, insider threats, regulatory compliance, and physical security risks. By adopting these measures, we can enhance our organization’s ability to protect sensitive data, maintain regulatory compliance, and safeguard our reputation. It is crucial that senior management recognizes the importance of investing in information security to ensure the long-term success and sustainability of our organization.

References

Salih, F. I., Bakar, N. A. A., Hassan, N. H., Yahya, F., Kama, N., & Shah, J. (2019). IOT security risk management model for healthcare industry. Malaysian Journal of Computer Science, 131-144.https://mjlis.um.edu.my/index.php/MJCS/article/view/21469 

Coleman, J. (2004, June). Assessing information security risk in healthcare organizations of different scale. In international congress series (Vol. 1268, pp. 125-130). Elsevier.https://www.sciencedirect.com/science/article/pii/S0531513104005655 

Cagliano, A. C., Grimaldi, S., & Rafele, C. (2011). A systemic methodology for risk management in healthcare sector. Safety Science, 49(5), 695-708.https://www.sciencedirect.com/science/article/pii/S0925753511000087