What Exactly Is HIPAA Risk Assessment and How Is It Carried Out?
HIPAA Security Risk Analysis
Breach of data is nothing new. They have really grown considerably more widespread since the introduction of computerized medical records. With this in mind, a security assessment is an essential tool for identifying vulnerabilities and risks to Protected Healthcare Information (PHI). A risk analysis is not only valuable for identifying risks; it is also required by the HIPAA Security Rule, which mandates Insured Organizations and their Business Associates to complete an annual HIPAA risk assessment and apply security measures to help safeguard PHI.
What is HIPAA Security Risk Assessment?
Prior to adopting protections, companies must understand what types of PHI they may access, where gaps and safety risks exist, and what can jeopardize the confidentiality and reliability of PHI. HIPAA security risk analysis and compliance require covered businesses and associated business associates to conduct a comprehensive risk assessment to identify and record vulnerabilities in their operations.
A risk assessment allows you to discover possible hazards and vulnerabilities, but it also allows you to take action to protect PHI, which may protect your business from significant penalties.
Steps involved in HIPAA Security risk analysis
Step 1: Figure out what PHI you need to access.
Check where would your company keep ePHI. What method is utilized to send that data? You can learn this knowledge by examining prior or current projects, conducting staff interviews, and evaluating paperwork from previous risk assessments.
Step 2: Evaluate your existing security measures.
After you've reviewed where ePHI is housed at your business and what tools are employed to access and communicate with the information, examine and review your existing security protocols. Begin by documenting your company's current efforts to protect PHI.
Step 3: Determine the area of vulnerability in your company
Equipped with the information you've obtained so far, consider the gaps in your company's protections and the likelihood of possible threats to ePHI that might jeopardize the integrity and security of ePHI kept by your business.
Step 4: Evaluate your risk tolerance
Assign risk ratings to any threats and security vulnerabilities discovered during the HIPAA security risk analysis that your firm may encounter. The degree of risk is calculated by weighing the probability of all risks and effect combinations discovered thus far. When a danger is likely to happen that will have a substantial impact on the organization, the assigned degree of risk is the greatest.
Step 5: Complete your paperwork
You need to document everything and Finalize your document in a way that clearly defines the PHI with which you operate, your weaknesses, and how you intend to mitigate risks to the security of PHI.