Highlighting the potential risks business and cybersecurity risks they can pose, the Office of the Inspector General released a report advising financial institutions supervised by the Federal Deposit Insurance Corp. (FDIC) to increase oversight of third-party technology service providers.
The report noted that FDIC-supervised entities should have business continuity plans that consider all critical elements that ensure business resiliency.
Read on to find out more about the report’s findings, and recommendations for FDIC-insured financial institutions.