Federal regulators are urging banking institutions to pay more attention to vendor management in light of recent breaches. The FDIC: Monitoring Service Providers Is Banks’ Responsibility, not the examiner, FDIC examiners say. As third-party breaches become increasingly common, all banks will be forced to take on more responsibility for vendor management, expert says. Community institutions are questioning why banking regulators have failed to quickly share concerns about significant security flaws identified during examinations, he says. The time and resources required to replace a vendor’s products, especially those of a larger vendor, can be prohibitive, an analyst says.”]
Source: https://www.cuinfosecurity.com/fdic-improve-vendor-management-a-6053