Develop risk analysis and mitigation plans

Assignment Description

Competency
In this project, you will demonstrate your mastery of the following competency:
Develop risk analysis and mitigation plans
Scenario
You are the IT risk assessment lead at Health Network, Inc., a health services organization headquartered in Tampa, Florida. Health Network has over 700 employees throughout the organization and generates $500 million in revenue annually. The company has two additional locations in Seattle, Washington, and Arlington, Virginia. These locations support different aspects of corporate operations. Each facility is located near a data center, where production systems are located and managed by third-party data-center hosting vendors.
Health Network has three main products:
1. HNetExchange is the primary source of revenue for the company. The service handles secure electronic medical messages that originate from its customers, such as large hospitals, which are then routed to receiving customers such as clinics.
2. HNetPay is a web portal used by many of the company’s HNetExchange customers to support the management of secure payments and billing. The HNetPay web portal, hosted at Health Network production sites, accepts various forms of payments and interacts with credit-card processing organizations, much like a web commerce shopping cart.
3. HNetConnect is an online directory that lists doctors, clinics, and other medical facilities to allow Health Network customers to find the right type of care at the right locations. It contains doctors’ personal information, work addresses, medical certifications, and types of services that the doctors and clinics offer. Doctors are given credentials and are able to update the information in their profiles. Health Network customers, which are hospitals and clinics, connect to all three of the company’s products using HTTPS connections. Doctors and potential patients are able to make payments and update their profiles using internet-accessible HTTPS websites.
Health Network operates in three production data centers that provide high availability across the company’s products. The data centers host about 1,000 production servers, and Health Network maintains 650 corporate laptops and company-issued mobile devices for its employees.
A previous risk assessment identified the following threats:
Potential loss of data due to inappropriate hardware decommission
Potential loss of protected health information (PHI) from lost or stolen company-owned assets, such as mobile devices and laptops
Potential data loss due to corrupt production data resulting from a systems outage
Internet threats from hackers and other malicious actors
Insider threats due to social engineering, installation of malware and spyware
Changes in the regulatory landscape that may impact operations
Based on the findings of this risk assessment, Health Network administration has determined that the existing risk management plan does not take into account the above threats and is therefore out of date. You have been assigned to develop a new plan.
Directions
For this assignment, you will create a risk management plan for Health Network that contains the following objectives:
1. Importance: Explain the plan’s purpose and importance for the key stakeholders of the organization.
2. Scope: Define the scope and boundaries of the plan.
3. Risks: Identify the organization’s primary internal and external risks based on the local environments where facilities are located.
4. Safety: Describe physical and safety considerations associated with the identified risks.
5. Business Impact: Conduct a business impact analysis (BIA) that determines the probability and significance of certain risky events and their potential impact on the various aspects of Health Network’s business.
6. Mitigation: Identify strategies to mitigate these risks and to allow Health Network to continue operating (business continuity plan (BCP) and disaster recovery plan (DRP)) if these risks occur.
What to Submit
To complete this project, you must submit the following:
Risk Management Plan (5 to 10 pages)

SAMPLE ANSWER

Creating a comprehensive Risk Management Plan (RMP) is crucial for Health Network, Inc. This plan serves as a strategic guide for identifying, assessing, and mitigating risks that can impact the organization’s operations, reputation, and security. Let’s outline the key components of the RMP:

**1. Importance:**
The RMP’s primary purpose is to proactively manage risks that could disrupt Health Network’s operations, compromise data security, and affect its compliance with healthcare regulations. It is of paramount importance to protect patient data, maintain business continuity, and uphold the organization’s reputation. Key stakeholders, including employees, customers, and shareholders, rely on Health Network to provide secure and reliable healthcare services.

**2. Scope:**
The scope of the RMP encompasses all aspects of Health Network’s operations, including its three production data centers, corporate offices, and mobile workforce. It also considers external factors such as the regulatory environment, internet threats, and changes in the healthcare industry. The plan applies to all employees, contractors, and third-party vendors involved in Health Network’s activities.

**3. Risks:**
Identified risks include:
– Inappropriate hardware decommission: Risk of data exposure and regulatory non-compliance during hardware disposal.
– Loss of PHI from lost or stolen devices: Risk of compromising patient data and violating data protection regulations.
– Data loss due to corrupt production data: Risk of system outages affecting healthcare services and data integrity.
– Internet threats: Risk of cyberattacks targeting patient data, business continuity, and reputation.
– Insider threats: Risk of unauthorized data access, data breaches, and compromised operations.
– Regulatory changes: Risk of non-compliance leading to legal and financial consequences.

**4. Safety:**
Physical and safety considerations include:
– Implementing access controls and security measures at data centers to prevent unauthorized entry.
– Enforcing mobile device encryption and remote wipe capabilities to protect data in case of loss or theft.
– Regularly testing data backup and recovery procedures to ensure data integrity and availability.
– Conducting employee training on social engineering awareness and malware prevention.
– Monitoring regulatory changes and updating policies and procedures accordingly.

**5. Business Impact:**
A Business Impact Analysis (BIA) will assess the likelihood and impact of identified risks on Health Network’s operations. This analysis will determine the criticality of systems and processes, potential financial losses, reputational damage, and regulatory penalties.

**6. Mitigation:**
Mitigation strategies include:
– Implementing secure hardware decommissioning procedures and data sanitization protocols.
– Deploying encryption, remote tracking, and remote wipe solutions for company-owned devices.
– Establishing redundant data centers and disaster recovery plans to ensure business continuity.
– Strengthening network security measures to defend against internet threats.
– Conducting regular security awareness training and implementing multi-factor authentication.
– Establishing a regulatory compliance team to monitor changes and ensure adherence to healthcare regulations.

The Risk Management Plan will serve as an evolving document, requiring regular review and updates to address emerging risks and changes in the healthcare industry and technology landscape. It will help Health Network protect patient data, maintain operational resilience, and uphold its commitment to quality healthcare services.

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