Getting Proactive About Third-Party Cyber Risk
Bank Director’s 2022 Risk Survey, sponsored by Moss Adams, finds most bank executives and board members (65%) report that at least one vendor experienced a data breach or ransomware attack in 2020-21. While most weren’t directly affected by these incidents, 60% of respondents whose vendor experienced an attack took the opportunity to update third-party management policies, processes and/or risk oversight in response. Cyberattacks on U.S. financial institutions are rarely impactful, according to the Financial Services Information Sharing and Analysis Center’s (FS-ISAC) “Navigating Cyber 2022” report. However, the cyber-focused industry consortium added that “several high-profile third-party incidents have impacted the security...
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