Jul 22, 2026 · 36 min · 11 segments
Why one vendor breach can take down dozens of banks — third-party risk, AI-driven attacks, and why patching fast may beat patching safe today. Jeffrey Wheatman, Senior Vice President, Cyber Risk…
In this episode, I want to talk about financial services because it is one of the critical infrastructures.
Unlike automotive and a few other industries that religiously track every Tier 1, Tier 2, and Tier 3 supplier, most industries do not.
In order for us to exist, we do business with partners, vendors, third parties.
We may be perfect, and I will give you all the benefit of the doubt that you are, but I can tell you that your vendors are not.
Bad actors tend to take the easiest way in, and if they can't break in directly, they're going to go to your third parties and they're going to use that as a vector to get into your environment.
Maybe some ransomware, maybe some system outages, maybe some data theft, good old run-of-the-mill bad actors.
And to abstract that further, we're talking about systems that you see in your day-to-day business that can be vectors for an attack.
So it could be a technology service provider like a CRM or an ERP or something like that.
We're also starting to see a lot more interest from traditional supply chains where, and like Jaguar Land Rover is a great example, right? They got hit with ransomware, had an impact on the GDP for one of the five biggest global economies.
But what about anybody waiting for a truck to show up with raw material? And I shared that story in our customer advisory board.
And one of our members, who is a big manufacturer, is like, yeah, that cost us $20 million.
In this episode, I want to talk about financial services because it is one of the critical infrastructures.
Unlike automotive and a few other industries that religiously track every Tier 1, Tier 2, and Tier 3 supplier, most industries do not.
In order for us to exist, we do business with partners, vendors, third parties.
We may be perfect, and I will give you all the benefit of the doubt that you are, but I can tell you that your vendors are not.
Bad actors tend to take the easiest way in, and if they can't break in directly, they're going to go to your third parties and they're going to use that as a vector to get into your environment.
Maybe some ransomware, maybe some system outages, maybe some data theft, good old run-of-the-mill bad actors.
And to abstract that further, we're talking about systems that you see in your day-to-day business that can be vectors for an attack.
So it could be a technology service provider like a CRM or an ERP or something like that.
We're also starting to see a lot more interest from traditional supply chains where, and like Jaguar Land Rover is a great example, right? They got hit with ransomware, had an impact on the GDP for one of the five biggest global economies.
But what about anybody waiting for a truck to show up with raw material? And I shared that story in our customer advisory board.
And one of our members, who is a big manufacturer, is like, yeah, that cost us $20 million.
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