11/27/2015. Cyber Risk as a Component of Business Risk: Communicating with the C-Suite. Conflict of interest. Learning Objectives

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1 Cyber Risk as a Component of Business Risk: Communicating with the C-Suite Jigar Kadakia DISCLAIMER: The views and opinions expressed in this presentation are those of the author and do not necessarily represent official policy or position of HIMSS. Conflict of interest Jigar Kadakia, CISSP, CIPP, CRISC Has no real or apparent conflicts of interest to report. Learning Objectives Learn about the changing cyber landscape Gain insight on healthcare-specific cyber security risks Understand the role of a CISO Learn the steps to take in order to assess risk in your cyber security strategy 1

2 1, Microsoft Advanced Threat Analytics Video: Global State of Information Security 11/7/015 Ask yourself What is your current level of risk? How involved is your executive leadership? How does your cybersecurity program match up to industry best practices? How is your incident response team equipped? The new reality 76% Average number of days before an attack is discovered. 1 Increase in organization s investment in cybersecurity spending since 01 Attacks stemming from compromised user credentials 5 World s biggest data breaches 6

3 For CFOs, Cybersecurity Risk is like an iceberg. Burchill, Jeffery. CFO.com 11/7/015 Sources of incidents Insiders Former Employees Hackers On average security incidents are caused by insiders, whether by accident or with malicious intent. % 0% 5% 7 Navigating risk Known Risks Hackers Malware/ viruses Insiders Organized crime Unknown Risks Insiders -party partners System failure Cloud 8 What s at risk? PHI, PII, HIPAA, HITECH and other regulatory EHR, EMR, and Cloud solutions CPOE and Mobile EHR Health insurance exchange integration Medical devices Online consumer payments and PCI-DSS ERA/EFT and Provider payments Business intel and Strategic information 9

4 A 015 SURVEY Cybersecurity in the Boardroom, NYSE Governance Services /7/015 Shift in accountability for cyber security CEO 1 CIO Entire executive team CISO Board members Other Evolution of the chief information security officer Strategist Technologist Guardian Advisor 11 Evolution of information security Responsibility Strategy Protection Technology Culture Past Falls on IT team Guard the perimeter One-size fits all approach Isolated security solutions Security separated from the rest of the business Present Integrated into the businessincluding c-suite and board Monitor, detect, analyze and eradicate threats real-time Identify and protect the crown jewels Integrated and outsourced security solutions Security culture instilled in organization from top down 1

5 Challenges facing the industry Securing the Human Evolving Cyber Threats Mobile/Device Management Budget Constraints Regulatory Environment Lack of Visibility 1 EDUCATING THE BOARD Big ticket items with the board Monitoring & Detecting Crown Jewels Access Control Incident Response Awareness Programs rd Party Risk Assessments 15 5

6 6 steps to address cybersecurity risks 0 Enhance security culture 0 Learn and incorporate 0 Prioritize key initiatives 01 Own the risk 06 Program maturity 05 Secure all aspects of the business 16 What to consider when evaluating your ability to respond to the new challenges. Critical Asset ID & Protection Security Culture & Mindset Monitoring & Detection Tech Fundamentals & Process Threat Intelligence Crisis & Incident Management 17 Looking forward Mobile Cloud Today Big Data & Analytics Data Lakes Social 18 6

7 Things to remember 1 Your risk strategy must change with your evolving business model Protect what matters most- secure high value information Know your enemies motives, means, and methods Get everyone involved- embed cybersecurity into board oversight and executive-level decision making 19 Questions? Jigar Kadakia Chief Information Security & Privacy Officer Partners HealthCare One Constitution Center Charlestown, MA 019 TEL:

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