Managing third-party cyber risk is critical for businesses, but a lack of continuous monitoring, consistent reporting, and other blind spots are creating challenges that could leave organizations vulnerable to data breaches and other consequences.
Most organizations work with hundreds, if not thousands, of third parties, creating new risks that must be actively managed.
The financial industry, in particular, has a massive business ecosystem made up of legal organizations, accounting and human resources firms, management consulting and outsourcing firms, and information technology and software providers.
Each of these vendors poses a potential weak spot for cyber defenses if risk is not actively managed to protect the exchange of data and other sensitive information.
A BitSight and Center for Financial Professionals (CeFPro) joint study “Third-Party Cyber Risk for Financial Services: Blind Spots, Emerging Issues & Best Practices” sheds light on how financial institutions are addressing challenges associated with third-party cyber risk.
“Managing third-party cyber risk has rapidly become the #1 concern for businesses,” said Jake Olcott, Vice President of…
