Summary:
The latest report from SecurityScorecard reveals key vulnerabilities in the fintech sector, indicating that over 40% of cybersecurity breaches stem from third-party vendors. The analysis of 250 fintech companies highlights the necessity for improved risk management and security practices, especially given the sector’s vital role in global finance.
Key Points
- 41.8% of breaches in top fintech firms originated from third-party vendors.
- Fourth-party exposures accounted for an additional 11.9%, surpassing the global average.
- 18.4% of fintech companies reported breaches, with 28.2% experiencing multiple incidents.
- Most common vulnerabilities were related to application security and DNS health.
- Fintech firms achieved the highest median cybersecurity score amongst all industries analysed.
Why should I read this?
If you’re in fintech or just interested in how crucial cybersecurity is for financial companies, this article is a must-read. It lays bare the risks posed by third-party vendors and offers actionable advice to fortify your defences. Don’t be the last to catch wind of these essential strategies—your operations could depend on it!