BitSight comments on FCA report showing rise in third-party cyber incidents
The Financial Conduct Authority (FCA) has reported a rise of 1087% in cyber incidents reported by financial services firms in 2018, compared to 2017 when there were 69 attacks. A fifth of these incidents were attributed to third-party failure.
In response to the findings, Jake Olcott, VP of Government Affairs, BitSight () says "It’s no wonder that third-party risk has become the most significant cyber issue for organizations around the globe; a lax understanding of third parties' security posture and practices is creating a massive weak spot, especially in financial services given the nature of the information that is targeted. Simply trusting third-parties to do the right thing is irresponsible - companies need to do robust monitoring.”
Earlier this year, BitSight and the Centre for Financial Professionals (CeFPro) 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 report finds 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.
Jake Olcott, VP Government Affairs at BitSight has previously served as legal advisor to the Senate Commerce Committee, and as counsel to the House of Representatives Homeland Security Committee.Repstor custodian brings Microsoft Teams under control.