Over half of UK financial institutions suffer third-party supply chain attacks

New research from Orange Cyberdefense shows that 58 percent of large UK financial services firms suffered at least one third-party supply chain attack in 2024, with 23 percent being targeted three or more times. The research suggests that firms must re-evaluate how they assess third-party risk. 44 percent of FS institutions only assess third-party risk during the initial supplier onboarding stage, while a similar proportion (41 percent) perform periodic risk assessments. Crucially, just 14 percent follow the gold standard of continuously assessing risk and using dedicated third-party risk management tools. These different approaches have an effect on resilience 68 percent… [Continue Reading]