Deeper Dive: GLBA-Regulated Financial Institutions Reduce Your Cybersecurity Risk With Rigorous Oversight Of Third-Party Service Providers

Financial institutions that are subject to the Gramm-Leach Bliley Act (GLBA) can find practical tips that address their unique data security challenges in the 2019 Data Security Incident Report (DSIR). It appears that money remains a strong motivating force for many threat actors. According to the 2019 report, finance and insurance remain among the sectors most heavily impacted by data security incidents, with 19% of data at risk involving a financial account. Phishing (responsible for 37% of all incidents, according to our DSIR) and credential stuffing are among the primary ways that hackers can obtain the keys to a consumer's financial kingdom – the username and password to an individual's financial accounts. Armed with these credentials, threat actors can purchase goods or wire, transfer or otherwise move funds out of those accounts with remarkable speed and efficiency. Although multifactor authentication has become increasingly standard for money movement and other