HITRUST: Enabling Cyber Assurance, Compliance, and Risk Management

Due to constantly changing cyber threats, data privacy guidelines, and compliance standards, more companies are seeking third-party cybersecurity and risk management support. Cybersecurity, for example, is mission-critical for companies and needs an ever-improving skillset to navigate multiplying risks. Without it, businesses are more susceptible to breaches that can cause reputational damage, lapses in operational continuity, and an inability to serve customers.

“As cybersecurity becomes more complicated, providers with vertical expertise, specialized capabilities, and leading technology products will be highly sought after,” says Priyanka Naithani, a managing director. “For instance, the growing sophistication, volume, and velocity of cyber threats is creating investor interest in businesses like HITRUST that offer reliable security controls.”

In today’s dynamic global business environment, increasingly complex supply chains are also creating greater third-party risk through networking, accessibility, connectivity, and data flow vulnerabilities. As such, supply chain risk management (SCRM) and third-party risk management (TPRM) are quickly becoming higher priorities for organizations to protect themselves and their employees as they extend their reach.

“Enabling SCRM and TPRM is vital for managing and preventing risks throughout a company’s supply chain and network of third-party partners,” says Brian Titterington, a managing director. “As risk management continues to be a larger strategic priority, these technologies will only become more important.”

At the same time, a shifting and stricter regulatory landscape is making compliance more challenging and non-compliance more costly. As a result, demand is growing for tech-enabled solutions that help organizations stay ahead of their unique rules and requirements.

“Companies of all types and sizes are sharpening their focus on comprehensive risk mitigation,” adds Titterington. “It’s an organization-wide effort to manage the full spectrum of enterprise risk, and a variety of compliance-related tools is essential for success.”

Across all these technology categories, demand for solutions is particularly strong in tightly regulated end markets. These areas are continuously developing more comprehensive vertical compliance guidelines to better secure themselves from increasingly frequent and advanced cyberthreats.

“Businesses with industry-specific experience like HITRUST are critical partners to sectors with robust data cybersecurity and privacy requirements, such as healthcare, financial services, technology, and business services,” explains Dan Linsalata, a managing director.

Organizations increasingly leverage certifications and attestations from credible third parties to prove compliance and build trust within and across supply chains. These certifications provide a common standard of integrity, confidentiality, availability, and privacy, allowing businesses to demonstrate adherence. Certifications serve both vendors and customers, providing revenue streams from multiple constituents.

“Certification firms use credibility and brand equity to create a ‘two-sided network’ business model,” says Naithani. “Investors understand the opportunity to use certifications to provide value throughout the stakeholder ecosystem by enabling trusted business-to-business relationships.”