Don't Let a Third-Party Data Breach Destroy Your Institution's Reputation
Matt Kunkel, LogicGate CEO
Trust is important in every industry, but it's especially critical in the financial services sector. In today's increasingly digital world, trust isn't always easy to come by. Businesses no longer have complete control over their technology stack. Instead, they rely heavily on third-party solutions, applications and products to keep operations running smoothly. The rise of cloud computing, software-as-a-service, artificial intelligence and other foundational elements of the modern economic landscape has forced financial institutions to place more trust in external organizations.
While this trend is generally positive, it can pose real problems, particularly when third-party breaches are at an all-time high. Today, financial institutions need to consider not just their own cybersecurity, but that of their vendors as well. Even if a breach is caused by a third-party vendor, the bank remains the consumer-facing entity, and that's where the accountability - and blame - will lie. So how can financial institutions safeguard their reputations and their data from the potential fallout?
