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Security Due Diligence: An Analysis of Security in the Sales Cycle for Companies Serving the Banking Sector

Studies performed by the Ponemon Institute linked 56-59% of security breaches to third parties. At the same time, companies are increasingly leveraging specialty service providers to perform critical business functions. Combined, third-party risk is being elevated to the board level and banks are scrambling to manage their vendor-related risks.

The net result for service providers is a barrage of ill-fitting vendor due diligence questionnaires, certification requirements, audits, and contractual clauses aimed at transferring the risk from the bank to you, the service provider.

The bottom line is that if you cannot demonstrate a meaningful security and privacy program in line with the bank’s contractual requirements, you are not closing the deal in a timely manner and you may be putting your company at risk.

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Christian Hyatt

Christian is the Managing Director and Co-Founder of risk3sixty,where he helps clients build world-class information security and compliance programs. Christian was the 2018 Technology Association of Georgia Under-35 Professional Services Leader of the Year and 2019 Atlanta Business Chronical Entrepreneur of the Year finalist. Christian holds a B.B.A in Management Information Systems from the University of Georgia and M.B.A from the Georgia Institute of Technology. Christian is a Ceritified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), ISO 27001 Lead Auditor, and PCI QSA.