The recent exposure of more than 24 million mortgage documents has brought to light an issue that has plagued financial services; third and fourth party risk, or supply chain risk can expose a lot of detailed and sensitive information; Rich Baich, chief information security officer at Wells Fargo tells American Banker, “Other people who have your data, through contracts and other documents, are they protecting it at the right level? And what happens when they sub it out?”; according to BitSight about 20 percent of banks have an outdated operating system in their network, which will increase this risk; banks have begun teaming up in mini consortiums to help solve the issue. Source.
