Background

Industry: Healthcare
Client: A hospital and a supply chain network with over 50 vendors.
Challenge: Managing cybersecurity risks across a vast ecosystem of third-party vendors, ensuring compliance with strict regulations like HIPAA, and protecting sensitive patient data.
Solution: Leveraging Laystone’s CyberShield solution to assess and monitor cybersecurity performance.

Challenges Faced

1. Complex Vendor Ecosystem
   The hospital worked with multiple vendors, including IT service providers, medical equipment manufacturers, and pharmaceutical companies. Many of these vendors had access to sensitive systems or patient data, increasing the risk of breaches.
2. Regulatory Compliance
   Ensuring compliance with industry-specific regulations like HIPAA and HITECH was an ongoing challenge, especially with vendors who did not fully adhere to these standards.
3. Lack of Visibility
   The healthcare network lacked visibility into the cybersecurity posture of its third- and fourth-party vendors, making it difficult to identify and prioritize risks.
4. Resource Constraints
   The IT security team was overwhelmed by manual processes for vendor risk assessment, compliance tracking, and incident management.

Solution Implemented

The healthcare network partnered with Laystone and implemented its CyberShield solution to address these challenges:

1. Cybersecurity Ratings
   • Action: CyberShield provided monthly ratings for all vendors using a clear A–F grading system based on 10 key risk factors, such as network security and patch management.
   • Impact: Enabled the IT team to quickly identify high-risk vendors and prioritize remediation efforts.
2. Continuous Monitoring
   • Action: The platform continuously monitored vendor cybersecurity performance, flagging real-time vulnerabilities and incidents.
   • Impact: Reduced the time required to detect and respond to potential risks, minimizing exposure.
3. Automatic Vendor Detection
   • Action: CyberShield uncovered relationships with fourth-party vendors, identifying hidden risks within the supply chain.
   • Impact: Provided a more comprehensive view of risks, enabling the organization to address vulnerabilities beyond direct vendors.
4. Compliance Mapping
   • Action: The platform mapped vendor security posture against HIPAA requirements, highlighting gaps in compliance.
   • Impact: Simplified the compliance review process, ensuring vendors met regulatory standards.
5. Collaborative Remediation
   • Action: Vendors were invited to review their ratings and collaborate on improving their security posture using CyberShield’s remediation tools.
   • Impact: Strengthened vendor relationships while proactively addressing risks.

Results Achieved

1. Improved Risk Visibility
   • The hospital gained a 360-degree view of third- and fourth-party risks, identifying high-risk vendors within the first month.
   • Vendors with « C » or lower ratings were flagged for immediate corrective measures.
2. Reduced Incident Response Times
   • The average time to detect and mitigate vendor-related vulnerabilities decreased by 40%, from 20 days to 10 days.
3. Enhanced Compliance
   • Compliance mapping improved performance in regulatory audits, reducing HIPAA non-compliance findings by 25%.
4. Cost Savings
   • Automating vendor assessments saved over 500 hours of manual work annually, allowing the IT team to focus on strategic initiatives.
   • Proactive risk management avoided potential fines and reputational damage.
5. Stronger Vendor Relationships
   • Collaboration through remediation tools improved cybersecurity practices across the ecosystem, reducing high-risk vendors by 60% within a year.

Key Insights

1. Proactive Risk Management
   Laystone’s CyberShield enabled the healthcare network to identify and address risks before they escalated into breaches, safeguarding sensitive patient data.
2. Regulatory Confidence
   By aligning vendor security posture with HIPAA and HITECH standards, the organization enhanced stakeholder trust.
3. Scalability
   The solution streamlined cybersecurity operations, allowing the organization to manage risks effectively even as the vendor ecosystem grew.

Client Testimonial

« Laystone Consulting transformed our vendor risk management. With visibility and actionable insights, we strengthened our defenses and ensured the security of our patients’ data. »
– CIO, Hospital

About Laystone’s CyberShield

CyberShield is a cybersecurity ratings solution that helps organizations continuously monitor, assess, and improve their security posture. Laystone’s CyberShield empowers businesses to build resilience against evolving threats.