FDIC- FIs Failing in 3rd Party Contracts

The Federal Deposit Insurance Corporation’s Office of Inspector General “found that financial institutions failed to include important cybersecurity provisions in their contracts with the third-party firms,” American Banker reported. “Typically, FI contracts with TSPs did not clearly address TSP responsibilities and lacked specific contract provisions to protect FI interests or preserve FI rights,” said the official FDIC report released yesterday.

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