Third-party risk and resilience in DORA
In February 2016, it was reported that threat actors exploited vulnerabilities in the SWIFT banking network to steal more than $80 million from the central bank of Bangladesh. SWIFT, the global financial system’s main electronic payment system, which processes billions of dollars of transactions every day, was unprepared for the threat of a major cyber attack. The incident served as a pivotal wake-up call for the entire financial services industry, highlighting the previously underestimated systemic risks posed by unsecured systems. It reinforced the need for stronger security controls, safeguards and a more proactive approach to cybersecurity across the sector.
Today, organizations understand that it’s a matter of when -- not if -- their organization or supply chain is targeted with a cyber attack. Threats continue to increase in sophistication and frequency, particularly when it comes to ransomware.