On April 8, the New York State Department of Financial Services issued an Update on Cyber Security in the Banking Sector: Third Party Services Providers, which follows the Department's May 2014 report on Cyber Security in the Banking Sector. The Update surveys banking institutions' processes, policies, and procedures for assessing and safeguarding against the cybersecurity risks posed by third-party service providers. According to the Update, "banking organizations appear to be working to address the cybersecurity risks posed by third-party service providers, although progress varies depending on the size and type of institution."
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