Banking & Financial Services
In response to digital transformation, the banking sector has revolutionised the services they provide through digitisation. The increased dependency on technology providers, outsourced services and elevated integration has created new ways of connecting with customers, as well as new vectors for vulnerabilities and risks.
Challenges
- Financial regulations and requirements
Banks are not only liable for themselves, but also for any non-compliance or cyber incidents caused by a vendor or third party. - No ongoing visibility of vendor risk
Due diligence assessments provide point-in-time risk intelligence; however, cyber and compliance risks are constantly evolving with innovations such as open banking and blockchain. - Manual, compliance-driven due diligence
Banks rely on vendor assessments and penetration testing, but these processes are still manual and infrequent.
