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Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login When planning for the worst, financial services organisations must consider third-party risk and resilience, in the event that a critical services provider is also experiencing a disaster. The financial services sector is highly dependent on external parties and partners.
Outages by software, infrastructure, cloud, cyber and utility providers can all disrupt critical operations, with far-reaching consequences. It’s difficult for financial services firms to keep track of their supply chains. iStock According to Protiviti’s 2024 Top Risks in the Financial Services Industry report, third-party risk saw the largest leap, ranked the fifth highest this year, compared to 11th last year.
This rise is not surprising as major incidents continue to illustrate the severe impact of third-party service disruptions and breaches. The SolarWinds hack, Optus outage and CrowdStrike incident all highlighted the “concentration risk” which comes when many organisations across a range of industries rely heavily on the same few third parties. Know your suppliers Sponsored by Protiviti This content has been funded by an advertiser and written by the Nine commercial editorial team.
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