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DALLAS--(BUSINESS WIRE)--Amid heightened threats to the nation’s healthcare systems, more than 20 leading healthcare organizations have come together to identify effective, efficient, and new innovative approaches to reduce cyber risk across the healthcare industry’s third-party ecosystem. The Health 3rd Party Trust (Health3PT) Initiative and Council, announced today, is committed to bringing standards, credible assurance models, and automated workflows to solve the third-party risk management problem and advance the mission to safeguard sensitive information.Healthcare is one of the top industry sectors targeted by cyber attackers due to the value of sensitive electronic patient records, the potential impact on critical life-saving IT systems and medical devices, and the lack of security around the third-party vendors and suppliers delivering vital services. According to one survey, 55% of healthcare organizations suffered a third-party breach in the past year. However, most healthcare organizations do not have effective measures in place to identify these risks. Only 23% of security and risk leaders monitor third parties in real time for cybersecurity exposure, according to Gartner data.With increasing government warnings—such as HHS’ Health Sector Cybersecurity Coordination Center's recent alerts on ransomware and last December’s alert from CISA, FBI and NSA to mitigate Log4j software supply chain vulnerabilities—as well as anticipated regulatory guidance for cross-sector Cybersecurity Common Performance Goals, healthcare organizations are looking for ways to understand and ensure the security, integrity, and availability of services provided by third parties and the associated sensitive information they handle.Unfortunately, today’s methods to manage these third-party risk exposures are burdensome and inadequate, with each vendor handling their assessments differently and often manually, resulting in blind spots on risks, limited follow-through on remediation of identified risks, complacency regarding continuous monitoring, and insufficient assurance programs to prove that the right security controls are in place. This is especially true for smaller organizations who have limited resources and are often where many breaches occur.In response, the Health3PT is collaborating to overcome these challenges and achieve greater efficiencies throughout the ecosystem