Over half of UK financial institutions suffer third-party supply chain attacks

Quick Summary:

The research suggests that firms must re-evaluate how they assess third-party risk.44 percent of FS institutions only assess third-party risk during the initial supplier onboarding stage, while a similar proportion (41 percent) perform periodic risk assessments.

New research from Orange Cyberdefense shows that 58 percent of large UK financial services firms suffered at least one third-party supply chain attack in 2024, with 23 percent being targeted three or more times.

Crucially, just 14 percent follow the gold standard of continuously assessing risk and using dedicated third-party risk management tools.

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Article Details

Author / Journalist: Ian Barker

Category: Technology

Markets: United States

Topics: Financial services Supply chain attacks UK Cybersecurity Article

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-06 @ 10:26:41 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: betanews.com

Language: English

Article Length: 423 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BetaNews

News ID: 25924163

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Main Topics: Technology

Official Website: betanews.com

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News Last Updated: 9 hours ago

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