The importance of robust cybersecurity practices cannot be overstated, especially when it comes to critical infrastructure, such as the financial industry. Financial institutions, in particular, are entrusted with sensitive data and financial assets, making them prime targets for cyber threats. One crucial aspect of cybersecurity that often goes under the radar is third-party risk management (TPRM).
The latest report from UK Finance paints a mixed picture of financial fraud in the United Kingdom, with losses exceeding £500 million in the first half of the year. However, amidst these concerning figures, there is a glimmer of hope as cyber fraud rates have shown a slight 2% decrease from the previous year.
