A joint study by BitSight and the Center for Financial Professionals (CeFPro) explores how financial services organizations are addressing challenges associated with third-party cyber risk.
Based on a survey of financial services professionals from around the world, the “Third-Party Cyber Risk for Financial Services: Blind Spots, Emerging Issues & Best Practices” report, shows that third-party cyber risk management is critical to organizations. However, a lack of continuous monitoring, consistent reporting, and other blind spots are creating challenges that could increase vulnerabilities to data breaches and other security incidents.
Key findings from the Third-Party Cyber Risk for Financial Services Report include:
- Third-party cyber risk is driving key business decisions.
- There is a lack of consistent third-party risk measurement and reporting.
- A majority of organizations aren’t using critical tools.
- Third-party risk management challenges and concerns for the future continue to grow.
Download the report to learn more about the findings and best practices for effective third-party risk management.