Robotic Process Automation in the Healthcare Industry

Every day hospitals and medical offices are inundated with patients requiring immediate medical attention. As a result, healthcare employees have become overburdened with administrative tasks concerning insurance claims, patient record & data management, insurance claims, appointment scheduling, and post-discharge instructions.

Robotic Process Automation, or RPA, is an advanced digital technology capable of mimicking & replacing human interaction among multiple computer systems & applications by facilitating tasks related to third-party communications, data management, interface usage, form execution, and file transfer.

In this blog, we discuss the application of RPA to the healthcare industry, and how it can be used as an optimal business management tool for medical practitioners.

What is Robotic Process Automation (RPA)?

Robotic Process Automation, or RPA, refers to the development & use of customized software robots to automate rule-based workplace tasks that are repetitive, time-consuming, and high-volume.

Using digital robots to automate human tasks results in:

  • Increased productivity with employees better able to focus on more strategic tasks;
  • Increased efficiency as robots perform tasks faster and at higher volumes than humans;
  • Minimal human error since workplace actions are executed by a robot instead of a person;
  • Reduced costs with the price of RPA software is merely a fraction of what healthcare providers pay employees for conducting the same activities slower and less efficiently; and
  • Increased employee morale who are no longer required to labor over tedious and monotonous tasks.

Gartner estimates that by 2024, organizations will lower operational costs by 30% by combining automation with operational processes. Additionally, markets and markets say that the Robotic Process Automation (RPA) Market is estimated to reach USD 2,467.0 million by 2022, at a CAGR of 30.14%.

How RPA Can Benefit the Healthcare Industry

Studies estimate that the Healthcare industry collectively spends a stunning $2.1 billion each year on manual tasks, including those related to data management alone.

By using RPA to automate office processes, like data management, time-consuming employee tasks are instead completed by robots in a more efficient, reliable manner, and with reduced human error. This enables doctors, nurses, and healthcare staff better able to focus on patient care rather than paperwork.

As many healthcare office processes are rule-based, time-consuming, and high-volume, they are perfectly suited for RPA, including the following:

1. Patient Records & Data

A survey conducted in 2021 found that 67% of healthcare organizations heavily rely on paper documents, which includes patient records & data management a prime candidate for digital transformation.

Computer networks & systems in the healthcare industry process massive amounts of patient information and health data from various internal and external sources, including third-party portals, insurance companies, and health record databases. Burdening useful resources with the paperwork associated with managing data can not only hamper productivity but is unnecessary.

For example, RPA can be used to directly process patient records throughout a patient’s care and save all data relevant to him or her. Hospital staff are then able to extract all pertinent information and enter it into digital systems within a matter of minutes rather than hours, thereby improving efficiency. Automation can also be used to generate reports and offer insights to track the health conditions of patients and develop a customized treatment plan for individual patients.

As a result, RPA can process patient records & data with greater accuracy, at a faster pace, with enhanced security, and more consistently.

2. Billing

Medical billing and settlement of health payments processing are not only highly-repetitive and time-consuming but also error-prone when inputting, processing, and evaluations are done manually.

RPA can be used to develop a robot that automates the invoicing and billing processes in line with services offered as follows:

First, an RPA bot recognizes payment details using optical character recognition (OCR), then it logs into the accounting system and inputs data into the relevant system’s fields. Once the invoice is created and registered into the system, the bot emails it to a patient. If there’s a delay in payment, the bot can send a customized reminder to the patient and create an attendance report with the current payment status for a finance manager.

By using RPA to streamline the settlement of health payments, processing invoices and managing bills are completed faster, with greater accuracy, and in a manner that reduces inaccuracies.

3. Claims Management

Claims management responsibilities of healthcare providers includes processes such as data input, processing, evaluation, and dealing with appeals. The entire process, when handled manually or using a generic software often proves to be highly inefficient and error-prone. The complexities of processing medical claims alone has created an industry now worth roughly $4.6 billion. More than 30-40% of health insurance claims are denied because of non-compliance of regulations.

RPA can be used to effectively manage claims processing, reimbursements, referrals, and settlements with insurance providers. Bots can automatically populate insurance claims fields, prepare the claim, and finally claim filing.

Based on present use cases, it takes 12 seconds for an RPA solution to check the status of a health insurance claim compared to 85 seconds for a human, meaning that one robot could do the work of 9 full time employees without error.

4. Scheduling and Managing appointments

Appointment scheduling and management is a repetitive and time-consuming task faced by healthcare support staff daily. Whenever a patient wants to book an appointment, personnel is required to communicate directly with that patient to determine physician availability, change appointment times or locations, call for reminders, inform patients of cancelations, and to reschedule bookings.

RPA can instead be used to interact with patients by phone or email directly and enable them to manage appointments without interaction from medical staff. RPA bots offer appointment slots to a patient according to their needs and schedule according to doctor availability. Once the patient has booked an appointment, the bot schedules it in the database and removes that appointment slot. Bots can manage large volume of appointments and send reminders faster and with better accuracy.

5. Post-Treatment Care

Typically, after patients are discharged from a hospital, they are expected to follow strict healthcare instructions, whether it be for medication, physical therapy, or meal plans. However, it’s often likely for the patient to forget or otherwise fail to comply with the post-discharge regimens properly.

Here, RPA can be used to manage post-discharge care and allow patients to confidently recover, after leaving a health facility. For example, RPA may be used to send reminders to patients about important actions such as taking medication, doing exercise, or following a meal plan. It can also assist patients when measuring vital signs, such as blood pressure, and then inform healthcare professionals of any problems or issues.

SVAM, International Inc. – Leader in RPA Technologies

By automating routine tasks in the healthcare industry, robots can be used as a digital workforce to fill in forms, manage reports, communicate with patients, and transfer patient records & data across various systems and interfaces.

SVAM, a global leader in RPA technologies, can help you discover the power of RPA automation by assessing your company’s readiness, developing a prototype, and finally deploying an RPA robot customized to your internal system.

Implementing RPA makes healthcare IT systems more efficient, reduces costs, minimizes human error, and in a manner that providers a higher quality patient experience overall.

how is rpa different from other enterprise automation tools

Robotic process automation and traditional automation lie on different sides of the bank. Both of these help achieve efficiency in delivering the results within time. This kind of mechanism reduces human intervention and performs predefined activities according to the instructions. Both the software are considered the biggest boost to the infrastructure and efficiency of programming functions.

As a part of this process, it becomes possible for the individual to automate the maximum activity in the management functions. But there is a huge amount of difference between the two concepts. The functioning of these two kinds of software can be differentiated based on the given information.

Differences between the two kinds of software

The various grounds of the meanings have been mentioned as follows:

Meaning and function

Robotic process automation is a kind of software that helps to automate a high volume of repetitive tasks in a minimum amount of time. These kinds of tools allow the design of software robots to make them capable of automatically executing different types of tasks over time. All the RPA business processes can function effectively over time.

It is a kind of predefined activity which has finally executed different types of tasks and transactions for delivering effective results within time. Accordingly, the same result can be achieved without any human interaction. It is the utility which is obtained with the help of this process.

Traditional automation and enterprise automation are a kind of combination of different applications that help to achieve automatic integration at a database level. But the speed at which the given results can be obtained is very less, due to which it is a conventional method of automation only.

Requirements

Robotic process automation does not require any modification to the existing infrastructure and can be effectively adapted across any platform. But on the other hand, specific customization can be required in traditional and enterprise automation cases. RPA services companies do not require any adjustments, but enterprise automation requires adjustments to the existing structure to enhance the performance’s efficacy.

Functions

The robotic process automation helps to automate the repetitive and different types of rule-based tasks. This kind of software performs the different actions performed by human beings to increase the efficiency of the programming. The entire programming is determined according to a flowchart without any change in the language codification.

But on the other hand, enterprise automation does not perform all the functions that human beings can perform without instructions. Even the pre-defined instructions cannot be followed properly. In such a situation, it is essential to note that interface automation may not be a good process in the long run and requires a lot of programming to achieve a given objective. RPA services companies can do that easily.

Kickstarting the process of automation

All the activities related to RPA for small businesses can be easily performed without knowing any programming. It is a quick implementation method that requires less time to get the desired results compared to the enterprise automated software, which usually takes a lot of time in this process. It usually takes a lot of months to get implemented because designing and integrating instructions are difficult tasks in this kind of software.

Alignment of work

The robotic automation process helps to delegate the work to thousands of machines. It is essential to gain the desired programming functionality so that the same function can be performed in less time compared to the other situation of interface automation, which usually takes a lot of time to get scalability.

A kind of parallel execution is required in this process. It has got the capability of performing the best functions related to customized management. But in the long run, only robotic programming automation can be configured to meet the needs of the user immediately compared to interface automation, which usually has a lot of limitations related to the functioning of API and other complex technology employed.

Conclusion

The aforesaid is one of the most useful and effective ways with the help of which automation can be used in any organization. Understanding the differences between the two helps to choose the required services from SVAM. This is helpful in the long run to get the required services over time. It brings the maximum amount of efficiency that deals with the timely completion of tasks and effective programming of functions.

The Covid-19 crisis made businesses realize how essential automation is for business and agility. The Covid situation challenged the inefficiencies of the traditional business models that rely on manual operations. The global robotic process automation (RPA) market is expected to grow more than 13 billion U.S dollars by 2030 (Source: Statista). Robotic process automation (RPA) is enabling businesses across the world to reduce costs, improve operational efficiency, provide

customer satisfaction, and more.

Robotic process automation has witnessed exponential growth over the past two years. The latest market trends show that RPA will dominate in 2022 and continue to do so in the coming years. According to Gartner’s prediction, 90% of the prominent organizations globally will adopt RPA in some form by 2022 for scaling up their businesses. RPA will play a key role in improving the process quality, speed, productivity, etc., in companies.

Here are a few Robotic Process Automation trends and predictions in 2022

One of the main reasons for deploying robotic process automation technology is, it reduces time, effort, and cost to execute time-consuming and repetitive tasks. With robotic process automation (RPA), businesses can save time and generate higher ROI. Moreover, RPA can also safeguard businesses from future crises like the Covid-19 pandemic.

Because of Robotic Process Automation, there is a massive digital transformation in HR, banking services, financial services, and many more businesses. RPA is one of the rapidly-growing technologies in the world. According to Grandview Research, the service sector accounted for the highest share of 61% and it is expected to grow at the highest CAGR from 2021 to 2028. Let’s look at the trends and predictions for RPA in 2022.

  • Adopting RPA centers of excellence (CoE) will be prevalent as they will standardize RPA by reducing maintenance, bot faults, etc.
  • With the advancing technologies, RPA bots can benefit from other developing technologies like artificial intelligence.
  • By 2022 RPA will incorporate artificial intelligence (AI) and machine learning techniques.
  • Automation acquisitions rise in 2021 will continue their pace in 2022 and beyond.
  • The RPA industry is booming faster and will grow tremendously in 2022. RPA bots and artificial intelligence solutions have grown past few years. And it is predicted to grow in 2022, where companies can drive higher benefits from automated planning and delivery.

As mentioned above, the trends show RPA will dominate in 2022. And we at SVAM will help you make the most of RPA and thrive through these challenging times. You can be part of changing the business world with the help of our RPA solutions. With the best RPA practices, we will help you build a sustainable business and take it to new heights.

Robotic process automation is software (robots or bots) that performs various tasks to help automate the process and reduce expenses. The robotic process automation (RPA) market is growing exponentially worldwide.

Robotic process automation use cases are exploding in various industries and businesses, creating innumerable new opportunities. The onset of 2022 brought the evolution of RPA trends. The time has come to reap the benefits of investing in digital transformations.

RPA is a result-driven technology entering the phase of maturity and delivering results. It is time to automate the tedious processes and spend time on more crucial things. Here, in the blog, we will uncover the latest trends in RPA that will dominate in 2022. 

RPA Trends That Will Attract Your Attention in 2022

The key reasons businesses are adopting and implementing RPA (Robotic Process Automation) are its ability to transform the company, save time, labour, and money. It can speed up the processes, reduce errors and increase productivity. The impact of the pandemic has boosted the implementation of RPA.

RPA Integration With Other Technologies

With the increased RPA capabilities integrating it with other technologies will increase the performance and strength. There are remarkable outcomes to look forward to with the integration of RPA and other tools and technologies.

RPA Will take Over Enterprise Resource Planning (ERP)

The ERP and traditional systems in businesses encounter the problem of catching up with the frequency of the digital transformation. Manual data entry into ERP is a tedious task. ERP will undergo a massive change, with RPA playing a crucial role. With RPA, employees can automate repetitive tasks and business processes. In some cases, they can record the processes through automatic code generation and create a software bot.

RPA Will Pave Way for More Innovation

The companies and businesses that initially adopt RPA will gain a competitive edge. The companies that create and design frameworks to execute the system will make the most of the automation programs. This approach of the organizations will pave the way for more innovations.

RPA and Artificial Intelligence to Empower Processes

When RPA and artificial intelligence come together, they empower process automation and impactful digital transformations. Organizations can reach extreme possibilities by combining the RPA with AI to deal with anything. Cognitive bots learn from the data and make decisions, thus becoming a vital part of your team.

Small and Medium Enterprises Adopting RPA

The impact of the Covid 19 pandemic made the SMEs realize the importance of automating processes. They have understood how crucial it is to adopt automation to take competitive advantage and bounce back from a sudden disaster. Now they are adopting RPA at a much faster rate than expected. They are on the way to working more efficiently by automating their processes.

Conclusion

The advancements made by the RPA industry are shining brighter. That is why it is expected that 2022 will prove to be a game-changer for RPA. Robotic process automation is adding new possibilities in the business world. Automation will be the core necessity of every organization in the coming years and a must-have technology.

RPA is an advanced, futuristic and the most efficient technology that automates and streamlines the processes in a healthcare facility. Here are some amazing ways how RPA can be used in healthcare.

The pandemic and the post-pandemic era has brought a wave of changes. It will be remembered as the pivotal point of change where all the industries revamped their way of functioning. Millions have turned their heads towards automation for effective and easier ways of working.

The healthcare organizations have been spearheading this transformation by producing vaccines at a rate never seen before. All this has been possible through the Robotic Process Automation (RPA) that provided robust support throughout the processes. Obviously, the hard efforts cannot go unnoticed, but automation has played a vital role in transforming the way healthcare works.

Gartner estimates that by 2024, organizations will lower operational costs by 30% by combining automation with operational processes. Additionally, markets and markets say that the Robotic Process Automation (RPA) Market is estimated to reach USD 2,467.0 million by 2022, at a CAGR of 30.14%.

It is noteworthy that RPA not only focuses on robots, but its role goes beyond that. This blog outlines how automation can boost the healthcare industry and help them stay ahead of the curve in this competitive age.

What is RPA?

RPA is a software technology that builds, deploys and manages softwares that mimic human actions while interacting with a digital system. The RPA systems can identify human actions like understanding screen movements,updating records, save files and more. It acts as a virtual worker that works effectively and frees up the human resources. Using the robots also eliminates the possibility of errors and minimizes the struggle with the paperwork.

How Has RPA Emerged As a Core Feature in Healthcare?

When the hospitals are overburdened with cases that need immediate attention, action is required – fast. With the nurses and human resources being busy with saving lives, someone (or something) is needed to manage all the back-end tasks.

In such scenarios, RPA makes a huge difference where it really mattered. The automation processes and management system kept the workers on the front line, reduced the waiting time, recruited experts and supported procurement. All these factors can surely help the healthcare systems reform in the future.

Here is how RPA can Benefit the Healthcare System

  1. Scheduling and Managing appointments

    In a hospital scenario, scheduling patient appointments and managing them is one of the most tedious tasks. They are repetitive and involve the resources as well.

    Healthcare organizations can benefit from automating these tasks using RPA bots and other processes. These processes can interact with the patients, give them solutions for the query, schedule, change, or update appointments as required.

  2. Managing Data and Records

    The healthcare industry deals with a massive amount of data on a daily basis. Burdening the useful resources with paperwork of managing data can hamper the productivity of the resource. It helps regulate and maintain the record, RPA offers accuracy, quick response, data security and consistency. Robotic softwares can also be cutsomized to comply with the protocols and rules set by the government of the oragnization.

  3. Reducing Administration Costs

    Healthcare sector is one of the biggest employers which also raises the cost of the company. The employee welfare funds, salaries, and other incentives can be a burden. With an RPA software in place, the organization or hospitals can reduce the employee requirements and cut down on the administration cost by automating repetitive manual tasks.

  4. Enhancing the Patient Experience

    Being a robot-based software with the capabilities of quick decision making, RPA software can provide more consistent care. Because of accurate decisions, quick replies, reduced costs, and greater visibility across the entire patient record, RPA can provide better patient experience than any human.

  5. Infection control and maintenance

    Infection control protocols are a basic necessity of every healthcare unit. RPA can be used for executing quick and monitored infection control protocols. Including

    • Screening of the patients by including regulatory compliance and CDC protocols
    • Managing priority tasks and setting up the sequence of actions
    • Tracking patient care plans and sending alerts to the authorized staff based on patient data thresholds
    • Regulating the cleaning schedules and maintaining the records
  6. Claims management:

    Reimbursement, cashless facilities, and claim settlements is a part of everyday work in a healthcare organization. With the help of AI and custom softwares RPA can effectively manage claims processing. The process includes acceptance, communication, resubmission, and cost predictions based on history.

Invest in Robotic Process Automation for Business Growth

Gartner estimates that by the end of 2022, 85 percent of organizations will deploy RPA software and the healthcare industry can benefit from RPA the most. The efficacy and uses of the RPA are worth the investment and can help your organization.

SVAM can help you discover the power of automation with our RPA solutions that aim to grow your business by blending RPA with AI and ML. Our subject matter experts assess your company’s readiness, develop a prototype, and finally build and assemble the RPA to your system.

Over the last few months, the ongoing conflicts between nations may have stirred up peoples’ concerns about the outbreak of another world war. World War III may have already begun unfolding in cyber warfare across cyberspace.

The advancement of the internet and modern technologies is a double-edged sword. In the current digital era, the internet has become an inseparable part of societies and human lives as a new communication space. As we become more connected with cyberspace and more dependent on digital technologies, we face greater exposure to cyber risk.
Cybersecurity threats such as malware, phishing, hacking, data leakage, and identity fraud are not rare cases; however, many people and businesses tend to handle cybersecurity threats passively rather than taking proactive and preventive steps.

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News Corp., the world’s largest news agency that owns the Wall Street Journal and the New York Post, has encountered significant data breach incidents since February of 2020, with a lot of confidential and sensitive information accessed by anonymous third parties. In March, a U.S software company HubSpot, with 135,000+ cryptocurrency customers across more than 120 countries, was targeted by cyber attackers—an employee’s account was compromised, and customer data was exfiltrated.

According to a February report, at least 25% of companies fell victim to cyber-attacks in Canada last year. The cost of cybercrimes reached $2.7 billion in 2020, based on the FBI’s Internet Crime Report. It reached around USD 6.9 billion in 2021.

The data breach events in Q1 represented twice the increase over the same time in 2021 and is another indicator that data compromises will continue to rise in 2022 after setting an all-time high in 2021. While the system & Human Errors represent 8% of the Q1 2022 data compromises, 154 out of 367 data breach notices did not include the cause of the breach, making “unknown” the largest attack vector in Q1 2022. The Federal Government has released a mandate urging companies across the nation to bolster their cybersecurity practices, preventing potential cyber threats.

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Apart from the data loss, the cybercrimes cause financial drain of the company assets. If it were measured as a country, then cyberattacks were predicted to inflict damages totaling $6 trillion USD globally in 2021. The 2022 predictions say that the number of DDoS attacks (attacks disrupting the online services or systems) is expected to reach 14.5 million.

Notably, as per the estimates, the cost will rise to $ 10.5 trillion by 2025 globally.

Cyber-attacks are a growing threat to small and medium-sized businesses in the private sector. Small-medium-sized companies become attractive targets as their system and information can be breached quickly, providing lucrative incentives to cybercriminals. They tend to be more vulnerable since many companies lack a safer security infrastructure or a comprehensive cyber strategy. This is where SVAM’s professional cybersecurity services can come into play.

SVAM International is an experienced cybersecurity service provider with more than 30 years of cybersecurity and risk management expertise. With keen insights into existing, potential cyber risk and its trends, SVAM has helped businesses in the private sector take effective and efficient moves in handling cyber threats, minimizing loss, and strengthening cybersecurity infrastructures. To avert cyberattacks and reinforce cybersecurity, SVAM urges companies to raise their awareness of potential cyber risks and take preventive measures accordingly.

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Crucial Things Private Sectors Can Do to Stay Cyber-safer

  1. Incorporate Multi-Factor Authentication (MFA)
    Multi-factor Authentication (MFA) adds an extra layer of security by requiring users to implement and provide multiple forms of identification. Incorporating MFA into business operations can deliver a stronger authentication for accessing data, apps, and systems while still keeping things simple for users.
  2. Install reliable Antivirus Programs, Firewalls, VPNs
    The proliferation of malware has resulted in more significant cyber threats among businesses worldwide. As a malware attack is a widespread cyberattack, installing a reliable and effective antivirus program is an essential step of cybersecurity reinforcement. Based on the concrete needs of the business, sometimes, patching firewalls and VPNs is also a crucial move. Firewalls can prevent malicious attacks from entering users’ systems based on users’ settings, while VPNs can better protect private data and sensitive data like locations.

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  3. Establish Access Controls based on the least privilege principle
    Access control is a security technique that establishes access hierarchy and regulates access control to critical resources within the organization. Data breach is one of the major concerns and may lead to irreversible loss once it happens; having an access-control list with correct permissions set up is critical for businesses to reduce the impact of a breach.
  4. Encrypt Sensitive Data and Back-Up Business Data Regularly
    Data encryption enhances the security of private information, communication, and correspondence by transforming original information into something more challenging to decipher using specific algorithms. In the worst-case scenario, encrypted data will be challenging to decrypt without having the correct keys if the information breach has occurred.
    Regularly back up critical and transactional to the cloud or a reliable external hard drive/data storage. If the company system gets compromised or data gets contaminated, having safe backups may reduce the potential loss of the business.
  5. Conduct Awareness Education and Training against Phishing, Frauds, etc.
    To establish a safer cybersecurity infrastructure across the company, it is also essential to boost employees’ cybersecurity awareness through conducting awareness education and related training courses. Regularly training employees to identify identity/account frauds and phishing activities can help mitigate cyber risks in each employee’s work activities and reduce the overall risks in business operation.

How SVAM Can Protect You Further?

Cybersecurity experts at SVAM can provide businesses with in-depth cyber risk assessment, comprehensive cyber risk quantification, proactive cyber strategy, and customized cybersecurity solutions. The tailor-fit solutions designed by SVAM can capture and relieve cyber security pain points of your business based on your risk profiles and assessment accordingly. By adopting the latest technologies from artificial intelligence and data science, SVAM Cybersecurity is also proficient with cyber risk quantification and risk modeling. With concrete data, visualizations, and predictions, SVAM enables businesses to take proactive and preventive steps, reducing the likelihood of cyber-attacks and the exposure to cyber risk fundamentally and sustainably.

Safeguard Your Business with SVAM Today

SVAM Cybersecurity is dedicated to safeguarding more businesses across industries, managing cybersecurity risk, providing effective cybersecurity mitigation solutions, and reinforcing the overall cybersecurity infrastructure. Below are some featured services that SVAM Cybersecurity proficiently provides –

Cyber Risk Advisory

SVAM Cyber Risk Advisory includes designing and implementing a proper cybersecurity program that complies with leading cybersecurity standards and regulations, performs penetration testing, vulnerability scans, technical reviews, etc. A customized remediation roadmap will be designed and implemented based on a comprehensive identification and assessment process, just for you.

Cyber As A Service (CAAS)

With industry experts and skilled resources, SVAM Cyber As A Service (CSSA) focuses on reducing the complexity of reinforcing cybersecurity infrastructure at affordable subscription rates. Without going through complicated steps, you can start safeguarding your business by relying on professional cybersecurity practices from SVAM CSSA.

Will the evolvement of the Internet of Things (IoT) result in greater cybersecurity threats? What should the business do to mitigate cybersecurity risks in remote working mode? You can consult a cybersecurity expert at SVAM to know more on how you can embark on securing your perimeter and protect your crown jewels applications. SVAM also keeps close track of the latest cybersecurity trends and broadens service scopes accordingly.

Visit the SVAM website to learn more about cybersecurity tips and services. SVAM Cybersecurity is delighted to start safeguarding your business from now on!

Integrating cybersecurity best practices has become an essential aspect of the information and communication technology supply chain. There is a growing cyber risk associated with dealing with vendors that are not adequately vetted or audited for their cybersecurity capabilities. The prime focus of VRM or vendor risk management is to mitigate risks related to vendors. It is a risk management discipline that assesses the issues in a company regarding cyber security.

Technology is evolving rapidly. New issues see the day of light every day, and VRM helps counter them. The tool empowers companies with the vision to acknowledge whether vendors have sufficient security control.

The cloud provider vendors are using VRM due to the increasing number of people opting to work from home following the pandemic. Thus, the digital transformation requires growing while simultaneously relying on vendors.

The objective of the Vendor Risk Management Program

In a nutshell, VRM technology renders assistance to enterprises from third-party suppliers. The objective of vendor risk management programs may differ from company to company. The size, requirement, applicable laws, jurisdiction, industry type, and more.

VRM monitors analyze and manage the risk exposure of vendors or industries seeking services from TPS (third party suppliers), specifically IT products. Also, it serves help when to clients when their enterprise details are at stake.

For delving further into VRM, you should run through a list of topics:

  • Third-Party Risk Management Governance and Policy
  • Determining Third-Party Risk
  • Third-Party Inventory and Risk Rating
  • Third-Party Risk Assessment (Pre-contract and Post contract)
  • Issue Tracking and Corrective Action
  • Annual Due Diligence
  • Continuous Monitoring

Third-Party Risk Management Governance and Policy

The surging regulatory stress and globalization are forcing organizations worldwide to scrutinize their business processes and relationships for assessing the risk involved with third parties. That helps them comply with the applicable laws, regulate their requirements, and make better decisions. However, in the absence of governance and policy for TPRM, an organization can face operational risk, reputational damage, monetary losses, and government inquiry.

Outsourcing business activities expose organizations to risks like cyber, financial, legal, compliance, geopolitical, credit, and quality.

 

Determining Third-Party Risk

Assessing third-party risk is an essential cog in elevating the position of a company in the competitive marketplace. Here are the steps to determine them: –

Compliance requirement:

It is pivotal to know the standards and regulations required to be met by organizations and vendors.

Knowing potential risks:

Identification of potential risks arose from third-party relationships.

Regular monitoring:

It is essential for adapting to the changing environment.

Third-Party Inventory and Risk Rating

Any inventory located at the end of service providers or the premises of a third-party vendor is third-party inventory. For example, the third party includes employment agencies, mediators, brokers, or service providers.

On the other hand, risk rating means assessing or determining the risks involved while carrying out a business activity. Furthermore, the classification of the risks is also one of the vital parts. The compartments are high, medium, and low risks.

Thus, companies decide to deploy their employees and resources to work based on the severity and magnitude of risks.

Third-party risk assessment (pre and post contracts)

The due diligence during the pre and post-contracts with third-party vendors aids an organization to keep abreast with potential risk. The assessment beside review of financial risk and Service Level Agreement at minimum must include the review of these controls;

  1. Information Security Governance and Policy
  2. Asset Management
  3. Identity and Access Management
  4. Authentication and Authorization
  5. Software and Application Security
  6. Infrastructure Security
  7. Change Management
  8. Threat and Vulnerability management
  9.  Remote Access
  10. Mobil User Access
  11. Incident and Disaster Recovery management
  12. Third Party Risk Management
  13. Training and Awareness
  14. MIS and Reporting

As per PwC (a global network of firms), out of 71 percent confident companies, only 32 percent out of them require third parties to follow their policies.

Issue Tracking and Corrective Action

Tracking the issue is an essential part of giving it a corrective solution. Thus, corrective and preventive action and issue tracking go simultaneously for an organization. Once the issue is marked and tracked properly, it helps in getting to its root cause and finally resolves it.

All issues must be risk rated.

Tracking an issue has several advantages. Few are listed below: –

  • You can always go back and resolve the issue on its recurrence, thanks to the tracking.
  • The process saves time and money in the days ahead. ‘
  • The recorded jurisdiction can be helpful for initiating bigger CAPA (corrective and preventive action)

Annual Due Diligence

It is a process used by companies or organizations to confirm details or facts of a matter through audit, investigation, or review. Annual due diligence is conducted every year to know beside the financial status of a company and also if there are any changes to their information security practices, such as Data center relocation or outsourcing their support to a third party as an example. ADD will allow the enterprise to be aware of any changes that may impact them

Continuous Monitoring

IT systems are categorized and defined by continuous monitoring of an organization. Here, every system is organized based on various parameters, including controlled application, risk levels, and effectiveness assessment on security hazards.

The continuous monitoring program ensures that your company does not get harmed by a cybersecurity attack. It identifies loopholes occurring due to changes in hardware, software, and technology.

A common misconception for small businesses is that your business is too small to be a target, but unfortunately, this is not the case. According to a report by Cybersecurity ventures, worldwide cybercrime expenses are anticipated to increase by 15% each year, reaching around USD 10.5 trillion by 2025. Businesses’ risk of being targeted by a Cyberattack is increasing as they embrace more creative technology to simplify operations.

In 2020, cyberattacks grew in large numbers and as per the estimates, the rise in attacks during the pandemic was approximately 100%. Now, businesses worldwide are confronted with unprecedented levels of risk. As a result, security remains the top priority for IT teams. Still, businesses that start at a small scale are not well aware of the Cyberattacks and as a result, they either fail or face huge financial losses. Following are some of the most critical types of attacks that every organization should be aware of.

Top CyberThreats That Every Business Should Be Aware Of

  • Phishing Attacks
    The biggest and widespread threat facing small businesses are phishing attacks. Phishing accounts are responsible for around 32% of confirmed data breaches and 78% of all cybercrimes. Phishing attack occurs when a hacker pretends to be someone employees can trust, be it their manager or the CEO, and entices a user to click a malicious link, download a malicious file, or give them access to account details, credentials, payment information etc. . Here, the most common scenario is when hackers start emailing from a slightly similar email ID. Typically, a hacker attaches a link or some file along with the mail so that people can enter their personal information.
  • Cloud Jacking
    This is the process where cloud computing is infiltrated by a third party. Once the hacker gets into the organization’s cloud, they try to reconfigure the cloud code so as to manipulate the sensitive information, communication, & other data to expand their reach to take control of the entire cloud. Furthermore, cybercriminals use this opportunity to develop phishing schemes. This results in multiple mishaps like leakage of sensitive information, financial loss, etc.
  • Ransomware
    Ransomware is one of the common and serious cyber attacks that involves encrypting company data so that it cannot be used or accessed, until a ransom is paid to unlock the data. The ransom’s immediate losses are merely the tip of the iceberg. The monetary costs of missed production and data loss are frequently most devastating to a firm. This is the reason why 60% of small firms fail within six months after a cyber intrusion. Ransomware is one of the top cyber-attacks and a common method for criminals to target especially small firms.
  • Patch Management
    One of the most common vulnerabilities exploited by bad actors is related to out-dated software or patches.. As a result, failing to keep up with software patches exposes businesses to a variety of information security vulnerabilities. When attackers get aware of a software vulnerability, they exploit it to conduct a cyber assault. This trend in cyber security is exemplified by two large-scale cyberattacks that began in 2018. The attacks use a serious flaw in the Windows OS known as Eternal Blue. Organizations that failed to update their software were left exposed and ultimately, they face huge financial losses.
  • Deepfakes
    Deepfakes are used to develop fake versions of an organization to lure in unsuspecting customers and also to gain access to the sensitive information of a business or an individual. This attack moreover contributes to an advanced form of phishing attack which impersonates the CEO’s reputation where a hacker gives wrong instructions to the employees. This Cyberattack has been used over the last several years against both individuals and organizations. Such attack is developed by AI that takes an existing voice recording, photo, video to manipulate an organization or an individual’s image to falsify their action of speech.

In the past, organizations have faced several Cyberattacks and security challenges. However, the advancement in security systems presents opportunities for significant security growth. The passing year has demonstrated the fact that businesses must adapt to the modern world and this year’s advancements have resolved such problems to a great /extent. Taking assistance from SVAM International, a leading managed service provider is a great start to identifying and filling your business loopholes. Get in touch with our professionals, discuss your concerns, and get the best possible solutions.

Cyberthreats have increased rapidly during the last decade as cybercriminals have become more sophisticated and difficult to handle. Current security controls are not enough to protect the networks from highly skilled Cybercriminals. This is where Artificial Intelligence proves to be useful.

Investing in AI with Cybersecurity helps companies better address network issues, financial loss, and brand reputation damage.

There are numerous benefits that AI offers to businesses when combined with Cybersecurity.

Let’s explore them one by one.

Benefit 1 – AI Identifies Unknown Security Threats

In addition to identifying recent threats within an organization’s network, AI Cybersecurity can detect unknown threats as well. Such unknown threats can cause massive damage to the network. Therefore, it has become essential to use modern solutions like AI to prevent such attacks. AI can reduce repercussions from hacking or millions of attacks done by hackers with different motives.

Benefit 2 – AI Offers Better Vulnerability Management

Vulnerability Management is vital to secure an organization’s network. Dissecting and accessing the existing security measures through AI can result in vulnerability management. It basically helps to assess systems faster than cybersecurity personnel which expands the critical thinking capacity. Overall, AI has made it possible for businesses to manage vulnerability and secure business systems in time.

Benefit 3 – AI Accelerates Detection & Response Times

Threat detection is the foremost stage of securing a company’s network. If businesses detect some untrusted data from the beginning, it would protect the business from any irreversible damage to the network.

Implementing AI with Cybersecurity is an effective solution as it scans the entire network and figures out the possible threats that can cause damage. Unlike a human, AI finishes such tasks faster and simplify the security tasks.

Benefit 4 – AI Provides Better Security & Prioritize Cyber Attacks

The threats that businesses face keeps on changing with time as hackers implement new tactics every day. Due to this, it becomes challenging to prioritize security tasks for a business.

Further, one of the biggest threats that make security more challenging is negligence and human errors. This is where deploying AI on the network detects different attacks and helps businesses to prioritize them and prevent them accordingly.

Benefit 5 – AI Can Handle A Lot Of Data

Even a small organization has so many activities to perform on a company’s network. It means a lot of data get transferred between customers and business every day.

This is why they need data protection from malicious attacks, but Cybersecurity alone cannot identify all the possible threats.

But if AI is implemented with Cybersecurity, one can easily detect any threat masked as normal activity. Its automotive nature allows it to skim through massive chunks of traffic and data altogether.

Keeping the network and data security isn’t an easy job in today’s world. But, businesses can take a decisive step towards being safer by implementing AI to strengthen their security infrastructure.

At SVAM, we offer professional AI services or more and the best business solutions. Consult our experts today and save your business from any Cyberthreat or attack in the coming time.

Data And Analytics: Key To Unlock Digital Transformation

Information is the most crucial asset for modern business. It is the differentiator for organizations aiming to adopt digital transformation in their business processes. Data drives the decisions and analytics sorts the data to provide the right information and help decision making.

While the relationship between data and analytics is as straightforward, their combined relationship with digital transformation gives them a key position in the current digital nature of businesses worldwide.

Data and analytics are key components of a business’s rate of growth. However, more than 50% of global businesses are not yet using these tools to their full potential to deliver business value.

Here, the need to classify data as an asset and analytics as a necessary competency increases significantly for the business.

In this article, we discuss in detail how businesses can make the switch to digital transformation using their own data and analytics.

The Switch to Data and Analytics for Digital Transformation

The collecting of relevant data for results is often overlooked in analog procedures and old business structures, which in turn disables the analytics part of growth. Digital transformation relies heavily on data collection and analysis to provide deeper business insights. The switch from traditional, obsolete, and slow systems to digital solutions is how the modern business is keeping pace with the changing needs of the market and data is crucial to make this switch.

Many businesses, however, are hesitant to make the switch for a variety of reasons. It could be a lack of understanding of data’s potential or the organization’s current issues that are keeping it from making a move to the information environment.

When you compare these factors with the advantages of digital transformation supported by data and analytics, you’ll see how this new way of working has the potential to become the focal point for all of your organization’s strategy, execution, and investments. Here is how you, as a business owner or stakeholder can begin the adoption of data and analytics in your business.

  • Collect and communicate the economic benefits, both internal and external, of the data generated by your organization’s processes.
  • Offer to be involved in all strategic plannings to successfully integrate data and analytics within all operations.
  • Document the results, measure the value of information and communicate the benefits of this asset to help provide that necessary push to the organization towards a shift in the culture that accepts data as an asset.
  • Move towards the next step by hiring, licensing, or developing advanced analytics competencies, like data science and machine learning. Make sure that you can get them fully embedded throughout your business.

Data and analytics are increasingly becoming the cornerstones of digital transformation. Not only will they help in understanding the digital needs of a business in detail, but will also help in optimizing solutions customized for a business. Whether you are looking for digital transformation, data analytics, or data consulting, SVAM International is a leader in developing and delivering bespoke solutions for your business, so you can bank on technology as a tool for your organization.