One of the risks of interconnected supply chain ecosystems is the potential for catastrophic and systemic impacts on whole systems such as the US payments network. There are measures organizations can take to identify and remediate the risks associated with their supply chain. One of the first steps organizations should take is to understand their list of critical vendors and analyze the potential impact to their business if one of them is compromised.
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How Vulnerable is Your Supply Chain?
U.S. lawmakers and government officials have long worried about catastrophic risks to the financial services industry posed by cyberattacks, given the degree to which companies are connected to each other and every critical infrastructure sector. For instance, the Federal Reserve Bank of New York last June published research showing that a cyberattack affecting any of the top five U.S. banks would on average likely impair over a third of the U.S. payments network.