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How Financial Institutions Can Manage Third-Party Ransomware Risk

Ransomware attacks are occurring with more significant financial impacts and greater frequency. Financial institutions (FIs), in particular, are one of the most attractive ransomware targets due to the value of the assets managed and the criticality of the data involved. In fact, according to Sophos’ recent survey, 55% of financial service firms were victims of at least one ransomware attack in 2021—a 62% rise in just one year.

FIs are also vulnerable because they rely on hundreds, thousands or even hundreds of thousands of third-party vendors—from call centers to cloud providers—who may have access to their infrastructure or network, and it was projected that 60% of 2022’s security events would stem from third parties.

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