TPCRM 101 for the Financial Services Industry Guidebook
Third parties are one of the top attack vectors and according to a recent Ponemon report, in the last three years, the financial services industry experienced the second most third-party breaches despite spending the most time on assessments (over 17,000 hours/year).
In response to the growing threats, regulators are implementing more controls in the form of legal and regulatory efforts. To put it a different way, in order to strengthen the industry’s defenses, there are more compliance requirements than ever before. Included in those regulations, is the requirement to perform due diligence commensurate to the threats associated with third parties, meaning just outside-in passive scanning is not enough. Third parties need a combination of outside-in scanning and control responses with validation applied to attack scenarios so that financial institutions have a mechanism to prioritize the risk mitigation efforts.
IN THIS GUIDE, YOU WILL LEARN:
Why having an effective and efficient Third-Party Cyber Risk Management (TPCRM) program matters
What you need to know to create an effective program
How to optimize your current program