Boston, Mass. — April 2, 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 organizations vulnerable to data breaches and other consequences.
Most organizations work with hundreds, if not thousands, of third parties, creating new risks that must be actively managed. The financial industry, in particular, has a massive business ecosystem made up of legal