With the recent news of what could potentially be the biggest cyber-attack to date, many organizations are now rethinking its policies and procedures in place over managing and monitoring third parties and supply chain vendors (i.e. subcontractors, suppliers, equipment vendors, etc.). For many years, financial institutions have been required to implement Vendor Management Programs to monitor and perform due diligence reviews for third parties. However, BTG continues to encourage financial institutions to enhance its cyber management controls and due diligence process over its third parties. To support this initiative, attached is a resource that includes specific considerations that can be applied to assess your third parties’ and vendors’ cybersecurity programs and controls in place.
For more information, contact Timothy Buckley at (781) 829-4844 or email tpb@buckleytechgroup.com.