A new study by SecurityScorecard indicates that financial services firms across Europe experienced a 25% increase in third-party and fourth-party breaches over the past year. Nearly all major institutions were affected, with UK firms reporting the highest number of breaches. Despite a slight decrease in direct breaches (7%), the rise in supplier vulnerabilities stresses the need for improved risk oversight. Experts emphasize the importance of transitioning from reactive to proactive cybersecurity measures as threats become intertwined within supply chains.
A 25% surge in third-party breaches among Europe's top financial institutions is more than a warning, it is a call to action, said Corian Kennedy.
Cyber threats are no longer confined to the perimeter. They are embedded deep within supply chains. Institutions must evolve from reactive to proactive defense strategies.
Only 7% of financial institutions suffered a direct breach, down from 8% the year before, showcasing a shift in the landscape of cyber threats.
Incidents such as the MOVEit vulnerability, which led to over $65 billion in damages, show just how bad the effects of third-party breaches can be.
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