Skip to content

Cyber Insurance News

The Leading Source for Cybersecurity Insurance News, Insights and Data

97% of Top U.S. Banks Hit by Third-Party Data Breaches in 2024 – SecurityScorecard

Posted on December 13, 2024December 13, 2024 By Martin Hinton

I read it and thought this isn’t new, “97% of Leading U.S. Banks Impacted by Third-Party Data Breaches in 2024.” I went to check on SecurityScorecard’s website. I was wrong; it is new, and I’d confused it with this press release from last month, “97% of Top U.S. Retailers Experienced a Third-Party Breach.” While my memory isn’t 97%, I notice the… “third party” trend.

The new report from SecurityScorecard reveals, again for the back of the class, that 97% of the top 100 U.S. banks experienced third-party data breaches in 2024. The findings highlight significant vulnerabilities in banking supply chains as institutions increasingly rely on external vendors for critical operations.

image of securityscorecard's logo

As you can expect, the analysis emphasizes the risks associated with third- and fourth-party breaches. One significant element of the report is that only 6% of vendors were directly compromised. But even that low percentage resulted in nearly every bank being affected. Fourth-party breaches stemming from secondary vendor relationships impacted 97% of these institutions.

Interstingly, and back to my initial confusion, the report on retailers also found that 97% of the largest companies also suffered a third-party breach, and only 4% of vendors were compromised. Given the pattern, it’s important to note the broad impact of these vulnerabilities. 

“Nearly all major U.S. banks faced third-party breaches, exposing serious weaknesses across our interconnected digital ecosystem,” said Ryan Sherstobitoff, Senior Vice President of Threat Research and Intelligence at SecurityScorecard. “One compromised vendor could destabilize the entire financial system.”

Recommendations for Banks:
  1. Automated Monitoring: Continuously monitor vendor to detect risks proactively.
  2. Risk Mapping: Identify critical processes and potential single points of failure within supply chains.
  3. Enhanced IT Oversight: Robust IT monitoring can uncover hidden vulnerabilities.

SecurityScorecard’s data breach research analyzed over 9,000 domains linked to third- and fourth-party vendors across the 100 largest U.S. banks. The study underscores the urgent need for improved cybersecurity strategies to protect the financial system from cascading risks.

Source: SecurityScorecard Threat Intel Report: 97% of Leading U.S. Banks Impacted by Third-Party Data Breaches in 2024.

Other News: Mid-Size Bank Cybersecurity: Underinsured and Overexposed(Opens in a new browser tab)

Martin Hinton

Martin Hinton is the Executive Editor and Publisher of Cyber Insurance News and Information. With over three decades of journalism experience across six continents, his work encompasses investigative reporting, documentaries, and coverage of cultural, political, and business news. To learn more about his career, click on his name to visit his LinkedIn page.

Cyber Insurance, Cybersecurity, Cybersecurity Report Tags:Bank Cybersecurity, bank data breach, cyber insurance, cyber liability insurance, Cybersecurity, Data Breach, fourth part data breach, Mid-Size Bank Cybersecurity, Ransomware, SecurityScorecard, third party data breach

Post navigation

Previous Post: CISOs Beware: Derive Declares the “Dying Breed” Era of Cybersecurity Leadership
Next Post: CFC Appoints Michael Lewis Cyber Development Manager in Australia

Related Posts

  • Cybersecurity Crisis: WTW 2025 Report Reveals Alarming Supply Chain Threats Cyber Insurance
  • AI to the Rescue for Cyber Insurers? Not so Fast, Says New York State AI & Cyber Insurance
  • Russian Hackers Breach Microsoft Cybersecurity
  • Healthcare Industry Cybersecurity Earns ‘B+’ in SecurityScorecard Report. Cybersecurity
  • Cyber Insurance Sunday – Upload Cyber Insurance
  • 58% of Federal Contractor Cyber Breaches Linked to Third Parties: National Security at Risk Cyber Insurance for Government

Get the Cyber Insurance Newsletter

Receive weekly updates on the top news on cyber insurance.

Cyber Insurance News

Cyber Insurance News
In this clip from our latest podcast episode, Dan Candee, CEO of Cork Protection, dives into a critical topic that hits close to home: Cybersecurity for Main Street businesses.

🛡️ With a background in enterprise-level cybersecurity on Wall Street and a personal connection to small business through his family, Dan shares why Cork focuses on protecting small and mid-sized businesses from rising cyber threats.

🚨 "The threat actors are getting better, and they're coming after Main Street more and more."

👉 Discover why Main Street is being underserved in today's digital threat landscape and how Cork is filling that gap with a unique value proposition.

🔗 Learn more about Cork: corkinc.com
🎧 Full Podcast Episode: www.youtube.com/@CyberInsuranceNews/podcasts

📣 Don't forget to LIKE, SUBSCRIBE, and hit the 🔔 notification bell so you never miss a powerful conversation.

#Cybersecurity #SmallBusiness #MainStreet #DanCandee #CorkProtection #TechForGood #SMBs #PodcastClip #CyberThreats #BusinessSecurity
Cybersecurity for Main Street: Dan Candee on Protecting Small Businesses | CEO of Cork Protection
SMB Cyber Threats - In this episode of the Cyber Insurance News Podcast, host Martin Hinton talks with Dan Candee, CEO of Cork Protection, about the rising tide of cyber threats targeting small and mid-sized businesses (SMBs). Dan shares his journey from Main Street entrepreneur to cybersecurity leader, offering real-world insight into the threat landscape, financial vulnerabilities, and how AI and managed service providers (MSPs) can help fortify business resilience.

We explore:
• Why Main Street is more vulnerable than Wall Street
• Common SMB cybersecurity blind spots (like ACH fraud)
• The evolving role of managed service providers
• How Cork Protection blends cybersecurity and cyber insurance
• Real-world attack case studies and practical advice for SMBs

Whether you’re a small business owner, MSP, or cyber pro, this episode unpacks how to prepare, prevent, and protect your organization in today’s digital world.

📌 Topics: cybersecurity, cyber insurance, social engineering, SMB protection, ransomware, AI in security, MSPs

🎙 Guest: Dan Candee, CEO of Cork Protection
📢 Host: Martin Hinton, Executive Editor, Cyber Insurance News

👉 Don’t forget to like, comment, and subscribe for more insights on cyber insurance and digital defense!

#CyberSecurity #CyberInsurance #SMB #AI #CyberPodcast #BusinessResilience #smallbusiness #sme
00:00 Introduction - Dan Candee and Cork Protection
02:27 The Importance of Cybersecurity for Small Businesses
05:29 Understanding Cyber Threats and Their Impact
08:26 The Role of Managed Service Providers in Cybersecurity
11:24 24Financial Protection and Cyber Insurance Solutions
14:01 Leveraging AI in Cybersecurity
16:53 Navigating Cyber Insurance Policies
19:56 Empowering Small Businesses with Knowledge
21:52 The Future of Cybersecurity and Community Resilience
26:05 MSP/ MSSP The Lingo decoded
29:05 Finals Thoughts and a bit of Hope!
SMBs Are Cyber Targets | Dan Candee on Cyber Resilience & AI | Cyber Insurance News Podcast EP#6
Cyberattack on Small Business is on the rise—and AI is making it worse. In this episode of the Cyber Insurance News Podcast, host Martin Hinton sits down with William Altman of CyberCube to unpack how AI is enabling threat actors to more efficiently target and exploit small businesses.

🔐 From credential stuffing to brute force attacks, William explains how cybercriminals use AI to bypass login portals and MFA solutions—putting millions of small business owners at risk.

🎙️ Timestamps:
0:00 - Introduction
6:26 - William Altman on AI and threat actors
6:50 - Credential stuffing, brute force & reused credentials
10:00 - What small businesses can do right now
14:20 - The future of AI in cybercrime

🎧 Don’t miss this crucial update on the cybersecurity landscape for small businesses. Subscribe and stay informed.

#cyberattack #smallbusiness #AI #cybersecurity #CyberCube
Cyberattack on Small Business: How AI Supercharges Cyber Threats | William Altman @CyberCube"
Load More... Subscribe

Categories

  • 8-K
  • AI & Cyber Insurance
  • AI & Cybersecurity
  • Critical Infrastructure cyber insurance and security
  • Cyber Cat Bonds/Cyber Catastrophe Bonds
  • Cyber Insurance
  • Cyber Insurance APAC
  • Cyber Insurance Best Practices
  • Cyber Insurance Captive
  • Cyber Insurance Carriers & Brokers
  • Cyber Insurance Claims
  • Cyber Insurance EU
  • Cyber Insurance Financial Institutions
  • Cyber Insurance for Government
  • Cyber Insurance for Healthcare
  • Cyber Insurance for Schools
  • Cyber Insurance for SMEs/SMBs
  • Cyber Insurance For Startups
  • Cyber Insurance for Utilities
  • Cyber Insurance Geographic Markets
  • Cyber Insurance Industry Groups
  • Cyber Insurance Investments and M&A
  • Cyber Insurance Jobs
  • Cyber Insurance Laws & Regulations
  • Cyber Insurance Litigation
  • Cyber Insurance Market Size
  • Cyber Insurance MENA
  • Cyber Insurance News & Information Podcst
  • Cyber Insurance People
  • Cyber Insurance Policies & Strategies
  • Cyber Insurance Premiums
  • Cyber Insurance Reports
  • Cyber Insurance Settlements
  • Cyber Insurance Sunday – Upload
  • Cyber Insurance Systemic Risks
  • Cyber Insurance Tech
  • Cyber Insurance Threats
  • Cyber Insurance UK
  • Cyber Insurance Underwriting
  • Cyber Insurance Wholesaler
  • Cyber Regulations
  • Cyber War Exclusions
  • Cybersecurity
  • Cybersecurity and Credit Ratings
  • Cybersecurity for SMBs
  • Cybersecurity in Education
  • Cybersecurity Investment
  • cybersecurity jobs
  • cybersecurity M&A
  • Cybersecurity people
  • Cybersecurity Report
  • Cybersecurity Training
  • Department of Homeland Security
  • EU Cybersecurity
  • Insurance Linked Securities/ILS
  • Insurance Loss Warranty contract/ILW
  • Managed Service Providers
  • National Association of Insurance Commissioners' (NAIC) model cybersecurity law
  • Non-criminal Claims/Non-Malicious Claims
  • Opinion/Commentary
  • Personal Cyber Insurance
  • Personal CyberSecurity
  • Ransomware Insurance
  • Reinsurance
  • Risk Modeling
  • SEC Cyber Disclosure Rule
  • Small Business
  • Supply Chain Cybersecurity And Insurance

Send Ideas, Requests & Comments




    Tags

    AI AI in Cybersecurity Artificial Intelligence At-Bay Beazley CFC Chubb Cloud Security Coalition Corvus Cowbell Cowbell Cyber crowdstrike cyber attack Cybercrime CyberCube cyber insurace cyber insurance cyberinsurance cyber insurance for small businesses Cyber Insurance Market Cyber liability Insruance cyber liability insurance cyberliabilityinsurance Cyber Resilience Cyber Risk Cyber Risk Management cyber security Cybersecurity cybersecurity insurance Cyber threats Data Breach Data Breaches Howden Lloyds Marsh Microsoft personal cyber insurance phishing Ransomware Ransomware Insurance Resilience Risk Management SecurityScorecard small business
    • Cyber Insurance Books
    • Cyber Insurance Reports & Documents
    • Cyber Insurance Acronyms/Terms
    • Cyber Insurance Companies: Carriers, Brokers & Vendors
    • Industry Response: Potential Federal Insurance Response to Catastrophic Cyber Incidents
    • Ransomware Insurance
    • How Much Is Cyber Insurance?
    • Considerations for Buying Cyber Insurance
    • Cyber Liability Insurance Near Me
    • Cyber Insurance Quote
    • Newsletter
    • Legal Analysis & Full Text of 2023 SEC Rule: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
    • Glossary
    • About Cyber Insurance News
    • Privacy Policy

    • What Does 2022 Hold for Cyber Insurance? Useful Survey, Predictions & Commentary from Woodruff Sawyer  Cyber Insurance Best Practices
    • Cyber Insurance in Denmark and Sweden: Coalition and Allianz Launch Active Coverage in 2025 Cyber Insurance
    • Why Did the White House Decide NOT to Ban Ransomware Payments?  Cyber Insurance Best Practices
    • SecurityScorecard and Willis Partnership: A New Move in Cyber Risk Strategy Cyber Insurance
    • What’s an “Act of War?” More Lessons from  Merck’s $1.4 billion Cyber Insurance Lawsuit (Note Russia/Ukraine connection) Cyber Insurance Best Practices
    • The Hartford and Coalition Form UK Cyber Insurance Partnership Cyber Insurance
    • AI-Powered Identity Security: Cowbell IdentityAI Slashes Breach Detection Time AI & Cyber Insurance
    • Coverdash Partners with Drata to Simplify Cyber Insurance for SOC-2 Compliance Cyber Insurance

    Related Cybersecurity Sites

    http://www.whatiscyberliability.com

    https://www.whatiscyberinsurance.com

    http://www.ddosattacktutorial.com

    http://www.ransomwareremovaltool.com

    Our Privacy Policy: https://cyberinsurancenews.org/privacy-policy/

    Copyright © 2024 Cyber Insurance News.

    Powered by PressBook Premium theme