<ul><li>Financial supply chains are only as strong as their riskiest vendor, as vulnerabilities from a compromised vendor can have negative ripple effects on various firms and end customers.</li><li>J.P. Morgan Chase's Chief Information Security Officer warned that SaaS providers for banks are vulnerable to hacks and cyberattacks, emphasizing the need for security measures and prioritization.</li><li>There are risks intrinsic to the SaaS model, including inadequate security measures, privileged access to customer systems, and dependencies on vulnerable third-party relationships.</li><li>The increasing adoption of the Banking as a Service (BaaS) model brings inherent risks due to its fragmentation of responsibilities, making it vulnerable to compliance lapses and cyber threats.</li></ul>

Financial Supply Chains Are Only as Strong as Their Riskiest Vendors

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