New Global Study of Financial Sector Shows Deep Concern About Third-Party Cyber Risk, Reveals Major Opportunity to Improve Monitoring and Reporting
London, UK — 2nd April 2019 — BitSight, the Standard in Security Ratings, and the Center for Financial Professionals (CeFPro) today released a joint study shedding light on how financial institutions 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 found that managing third-party cyber risk is critical to their businesses, but a lack of continuous monitoring, consistent reporting, and other blind spots are creating challenges that could leave organisations vulnerable to data breaches and other consequences.