Risk
11/09/2023

After MoveIT: The Board’s Role in Containing a Fourth-Party Breach

Emily McCormick
Vice President of Editorial & Research
On May 31, Progress Software Corp. disclosed a security flaw in its MoveIT file transfer tool, a relatively mundane program used by banks and many of their providers. It wasn’t long before some financial institutions and technology companies — including core providers — were disclosing that customer data had been exposed to a group of hackers. Thousands of organizations and millions of individuals worldwide have fallen victim to the breach, according to the antivirus software firm Emsisoft. Complicating the situation for a number of financial institutions is the fact that MoveIT wasn’t even a third-party service, but instead a fourth party used by…

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WRITTEN BY

Emily McCormick

Vice President of Editorial & Research

Emily McCormick is Vice President of Editorial & Research for Bank Director. Emily oversees research projects, from in-depth reports to Bank Director’s annual surveys on M&A, risk, compensation, governance and technology. She also manages content for the Bank Services Program. In addition to regularly speaking and moderating discussions at Bank Director’s in-person and virtual events, Emily regularly writes and edits for Bank Director magazine and BankDirector.com. She started her career in the circulation department at the Knoxville News-Sentinel, and graduated summa cum laude from The University of Tennessee with a bachelor’s degree in Spanish and International Business.