Cyber risks — in particular, the extent of contractual protections after a third-party breach — are bankers’ top risk concern, ABA VP Heather Wyson-Constantine said in a recent interview with BankInfoSecurity. Bankers are also concerned about their vendors’ risk assessments.
“I think the amount of vendors that the companies and banks have to have oversight over and due diligence for poses a formidable issue,” she said. “There are so many vendors that they have to manage, and how far down do you go in order to ensure that they’re complying with the contractual agreements that you set forth?”
In the interview, Wyson-Constantine explains what ABA is doing to help smaller financial institutions amplify their voices when dealing with large core banking providers.
