Ryan Sherstobitoff, senior vice president of threat research and intelligence, said the research highlights the increasingly perilous threat landscape faced by financial services. "Nearly all major US banks faced third-party breaches, exposing serious weaknesses across our interconnected digital ecosystem," he said. "For banks, these third-party vulnerabilities mean one compromised vendor could destabilize the entire financial system."
As banks increasingly rely on third-party vendors for core functions, SecurityScorecard said their exposure to supply chain vulnerabilities grows. Organizations should also map the critical business processes and technologies to identify any single points of failure, and create a watch list with these vendors.
The International Monetary Fund (IMF) warned that financial institutions are increasingly targeted by threat actors, with organizations accounting for nearly one-fifth of the total number of breaches globally. A key risk for financial services firms, the report warned, was the industry's growing reliance on third-party vendors.
"Incidents in the financial sector could threaten financial and economic stability if they erode confidence in the financial system, disrupt critical services, or cause spillovers to other institutions," the report warned.
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