The FDIC has issued a Financial Institution Letter (FIL) offering guidance for its member banks with less than $1 billion in assets of the risk posed by using technology service providers; the letter focused on considerations in the event of a cessation of operations of the technology providers or a data breach; the FDIC cautioned that some financial institution contracts with technology service providers “do not adequately define rights and responsibilities regarding business continuity and incident response or provide sufficient detail to allow financial institutions to manage those processes and risks.” Source.
