ICT Third Party Risk refers to the potential for adverse impacts arising from an organization’s reliance on external Information and Communication Technology service providers. These risks include data breaches, service disruptions, and compliance failures originating from a vendor’s operations. Managing this risk involves careful selection, monitoring, and governance of third-party relationships. It is a critical area for operational resilience.
Context
ICT third-party risk is a significant concern for financial institutions and crypto-asset service providers, given their increasing dependence on external technology vendors for critical functions. Regulators are placing greater emphasis on robust vendor risk management frameworks to address potential vulnerabilities in the supply chain. The interconnectedness of digital systems amplifies the potential impact of such risks.
Financial entities must immediately integrate CTPP oversight into their ICT risk frameworks, as DORA shifts regulatory focus to supply chain resilience.
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