The Health Insurance Portability and Accountability Act (HIPAA) was passed in 1996 to protect privacy rights for individuals by securing personal health information. HIPAA requires companies to clearly explain how they collect, use, and share this data, while also giving individuals control over their personal information. Companies must ensure they are compliant with HIPAA laws or face severe penalties.

Components of HIPAA:

HIPAA has five major sections:

1. Health Insurance Reform: Protects health insurance coverage for individuals who change or lose their jobs.

2. Administrative Simplification: Sets nationwide standards for electronic healthcare transactions and mandates secure access to health information.

3. Tax-Related Health Provisions: Covers tax provisions related to healthcare.

4. Enforcement of Group Health Plan Requirements: Provides continuous coverage guidelines for individuals.

5. Revenue Offsets: Pertains to life insurance and expatriate tax treatment.

HIPAA Compliance Requirements:

Given the rise in healthcare data breaches, HIPAA compliance is essential for protecting patient data. Key compliance requirements include:

• Conducting annual audits to assess compliance gaps.

• Developing remediation plans for compliance violations.

• Implementing policies and procedures in line with HIPAA regulations.

• Maintaining documentation for audits and vendor agreements.

Conclusion:

With growing risks from attacks like Business Email Compromise (BEC), organizations must stay vigilant by training employees, deploying email security, and ensuring HIPAA compliance to protect sensitive health information.

About Genesis:

Genesis is a comprehensive cyber risk management platform that combines attack surface and third-party risk management. It helps businesses monitor their cybersecurity posture, reduce attack surfaces, and prevent data breaches using actionable insights and risk scoring.