Greg Dickinson

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The majority of an organization's revenues are dependent on suppliers, distributors and other third parties. But as Benjamin M. Lawsky, New York State's Superintendent of Financial Services, points out: "Unfortunately, those third-party firms can provide a back-door entrance to hackers who are seeking to steal sensitive bank customer data." By now most everyone is well aware of the major data breaches afflicting Target and Home Depot - both triggered through a third party - that affected more than 100 million consumers. But the problem persists. A recent report from the New York State Department of Financial Services (NYDFS) revealed that nearly a third of 40 banks surveyed don't require their third-party vendors to notify them in the event of an information security or other cyber security breach. Other findings in the report include the following: Fewer than half ... (more)