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The Evolution of Vendor Risk Management in Financial Institutions

The Evolution of Vendor Risk Management in Financial Institutions

BitSight
Published by: Research Desk Released: Nov 14, 2018

The Financial Services industry has long been recognized as a leader in establishing many of the security and fraud detection practices that have influenced best practices in other sectors. In fact, the formation of the FS-ISAC in 1999 has inspired the growth of other industry related information sharing consortiums and has helped raised this strategy to the highest levels of our government. In a recent executive order , President Obama called for more sharing between the private sector and government in order to combat cyber threats in real time. While the exact methods to achieve this mission are still being determined, it is the FS-ISAC that in many minds will serve as the model for data sharing and communication practices