97 percent of banks hit by third-party data breaches

New analysis released by SecurityScorecard reveals that 97 percent of the top 100 US banks have experienced a third-party data breach in the past year. As banks increasingly rely on third-party vendors for core functions, their exposure to supply chain vulnerabilities increases. Using the largest proprietary risk and threat intelligence dataset, SecurityScorecard's experts analyzed how third-party breaches impact the banking sector. What's interesting is that although almost all banks reported third-party breaches only six percent of vendors were compromised, showing the extensive reach these incidents can have. Nearly all of these banks also suffered fourth-party breaches, traced back to just… [Continue Reading]