Cybersecurity in Banking: How to Navigate Vendor Risk with Jones Walker LLP

This episode of the Digital Banking Podcast explored the crucial role of cybersecurity in banking, focusing on vendor risk management. Josh DeTar spoke with Lara Sevener, Tom Walker, and Rob Carothers, partners at Jones Walker LLP, about the unique challenges faced by community and mid-sized banks. The discussion highlighted the increasing reliance on third-party vendors for essential banking services and technology. Sevener, Walker, and Carothers emphasized the importance of due diligence and strong contract negotiation to mitigate risk. They discussed the need for banks to balance the benefits of technological advancements with the potential exposures they create. The group also stressed the importance of clear communication and partnership between banks and vendors. Walker and Carothers shared insights from a recent cybersecurity survey conducted by Jones Walker LLP. The survey revealed critical gaps in third-party risk management practices within the banking industry. The conversation concluded with advice for community banks on navigating the changing landscape of technology and regulation, highlighting the importance of adapting and evolving to stay competitive.