Financial sector concerned about third-party cyber risk

Many organizations work with hundreds 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. A new study into the financial services sector from security ratings company BitSight finds that 97 percent of respondents say cyber risk affecting third parties is a major issue. In addition, nearly 80 percent of respondents say they have terminated or would decline a business relationship due to a vendor's cybersecurity performance. One… [Continue Reading]