Logica Security insights
Third-party risk management means checking the companies you depend on and managing what could go wrong. For financial firms, a supplier failure can affect payments, account access or customer data. Start by knowing who you rely on, what they do and what evidence shows that the risks are being managed.
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When another company handles personal data, both sides have duties. Understand who decides how the data is used, what to check before appointing a provider and what the written agreement needs to cover.
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DORA is an EU law about resilience in financial services. Find out how direct duties differ from supplier contract requirements, and why UK firms should check their position rather than assume every rule applies.
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A supplier risk assessment asks what could go wrong, who could be affected and whether the safeguards are enough. It helps financial firms focus on the providers behind important customer services. The result should be a clear decision and action plan, not just a score.
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Due diligence means checking a supplier before you rely on it. Look at the service, data access, security evidence and recovery arrangements. For a financial firm, the key question is what a supplier problem could mean for customers. Match the depth of the checks to that risk.
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Security needs to work for the people using it. Clear instructions, usable tools and a safe way to report mistakes help staff protect customers and data. Training matters, but it should be backed by working safeguards and realistic practice. This is especially important where people handle financial information or approve transactions.
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Good security helps leaders make better decisions about suppliers, new services and business change. It gives a clearer view of the risks, the work needed and the evidence behind a decision. For financial firms, the starting point is protecting customers and keeping important services available.
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Critical national infrastructure means the services and systems society depends on, such as energy, water, transport and communications. A failure can affect many people and businesses, including financial firms. Cyber resilience means preparing for disruption, limiting harm and restoring services. Supplier risk is part of that picture.
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