The finding: Most small and midsize financial institutions (FIs) rely on third-party providers for key services such as cybersecurity. But many of their processes for conducting due diligence or holding these providers accountable for their services have major gaps, per Banking Dive.

• That’s according to a survey of 125 banking executives at small and midsize FIs that the legal and consulting firm Jones Walker LLP conducted in July 2024.

By the numbers: The survey revealed that although 99% of small and regional FIs relied on third-party providers for their cybersecurity needs, many leave some gaps in their due diligence.