Security News > 2023 > August > EU’s financial institutions face cyber resilience crisis

84% of financial institutions have been exposed to a fourth-party breach - illustrating how a vast web of unseen risks are hiding in plain sight.

"If nearly 20% of the most well-resourced financial entities in the EU have grades of C or worse, then it's likely that the overall cyber resilience for other financial entities is actually much lower," said Matthew McKenna, Chief Sales Officer, SecurityScorecard.

Driving financial institutions towards objective cyber risk assessment.

Managing third-party risk is a core theme of DORA and the EU approach to digital cyber risk more broadly.

"Who financial entities choose to trust and how they sustain that trust are essential factors for the resilience of the EU's financial services sector," said Dan Morgan, Senior Government Affairs Director, Europe & APAC, SecurityScorecard.

"Financial institutions must adopt an objective, standard measurement for third-party cyber risk to inform regulatory decisions, reduce cyber incidents, and comply with regulations, such as DORA in the EU.".

News URL

https://www.helpnetsecurity.com/2023/08/01/financial-institutions-cyber-risk/