In a recent conversation with ISMG’s Tom Field, SVP of Editorial, Clearwater’s Chief Risk Officer, and SVP of Consulting and Customer Success, Jon Moore shared some guidance around practicing due diligence while onboarding new partners and during M&A activities.
Field asked Moore why there is such an awakening around due diligence right now; Moore explained that there’s a rise in mergers, acquisitions, and joint ventures as healthcare entities work to deliver higher levels of care in more sustainable models. At the same time, healthcare cyberattacks have topped the list of most expensive breaches, tipping over the $10 million mark as the average cost of a breach. Finally, there’s growing concern over third-party risk, further driving the need for due diligence in the partnership process.
Field and Moore discussed what happens when organizations practice good cyber risk management during onboarding only to relax these efforts later. Moore warned that as the success of a new venture gains traction, risks grow simultaneously-something healthcare leaders should pay close attention to, ensuring good cyber risk management practices stay in place.
Field and Moore also covered topics like key red flags and how to ensure that security concerns don’t detail a partnership. Watch the interview in its entirety here.