Third-Party Cyber Risk in the Financial Industry

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The complexity of today’s business world means that most organizations need to regularly work with hundreds – and sometimes thousands – of third parties, including service providers, vendors, suppliers, contractors, partners, and other organizations. While this collaboration is critical, the exchange of data and sensitive information involved creates a new set of security risks that must be actively managed and continuously monitored. Harmful data breaches can originate with the compromise of a key vendor or business partner; disruptions impacting a third party can cause operational impact to customers. Assessing and measuring the cyber risk posed by third parties has become a major component of an organization’s ongoing security needs, driven by an increase in data breaches and the legal and financial consequences for companies involved in them.

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