Jake Olcott, a vice president at Bitsight, said that in this case a major financial institution issued loans based on personal data provided to the banks then sold the loans to a third-party, who then used Ascension Analytics to perform analysis on the loans.
“While a company like Citi arguably did nothing wrong here, this is an example of a financial organization that is currently experiencing some reputational repercussions due to a fourth-party cyber issue. It is becoming increasingly critical for organizations to understand and manage their fourth-party cyber risk,” Olcott said.