Patrick Opet, the Chief Information Security Officer of JPMorgan Chase, has called on software companies to slow down and focus more on building secure systems rather than rushing their products to market. In a public letter, he warned that security gaps in third-party software are creating serious risks, especially as many global businesses now depend on just a handful of technology providers.
The Problem with Relying on External Vendors
Today’s companies use many third-party tools for essential services, from managing data to running operations. But this convenience also comes with danger. When even one of these vendors faces a security issue, it can affect not just one business—but many others connected to it.
Opet shared that JPMorgan has already dealt with several such incidents involving their outside service providers. In these cases, the bank had to respond quickly by cutting off access to the affected vendors and using large amounts of resources to fix the issue and prevent further harm.
Real Events Show the Risk Is Real
Earlier in 2024, the bank revealed that a software issue involving an external provider affected more than 451,000 people. In another case, a flawed software update from cybersecurity firm CrowdStrike caused a massive technical outage worldwide. This up
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