Regulators need to do a better job of notifying banks promptly when they find severe security flaws at third parties, especially core banking processors. Regulators are right to remind banks of their obligation to ensure the third parties with which they work are taking steps to ensure security. Community banks should pool their resources to create shared assessments of third parties. Financial fraud experts say shared assessments could be a good way to improve efforts to identify and mitigate security gaps among banks and third parties alike. Community Bankers Advisory Committee is conducting a review to determine what additional steps regulators could take.”]
Source: https://www.bankinfosecurity.com/blogs/jumping-due-diligence-hurdles-p-1557