How not to become a “Target”

October is cyber security awareness month, and there are few things more haunting to financial or retail institutions than the security breach that affected Target stores a few years back. The attack resulted in more than $40 million in debit and credit card numbers being stolen, and more than likely affected at least some of your members.

The scariest part of the security breach may be where it originated: its HVAC supplier. The attack highlights how important it is for financial organizations to have a well thought-out program to mitigate third party cyber risk.

Regulators are taking a closer look at third party risk management so the importance of employing best practices is not just practical, but legal as well.

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