Bradley Partner Erin Illman Quoted in Law360 on Cyber Risks for Financial Institutions Using Fintech Partners

Bradley attorney Erin Illman was quoted in Law360 on the cyber risks financial institutions face when relying on vendors to develop their apps and services. With competition from services such as Apple Pay and Venmo that provide faster and easier ways to spend and transfer money, traditional banks are increasingly turning to third-party technology companies to build apps and other innovative offerings, but those partnerships don’t come without risks.

While outsourcing provides a "lower-cost alternative to building out an in-house software development team," third-party app developers are often unfamiliar with the crush of privacy requirements most financial institutions face, explained Illman.

The complete article, “Banks Feeling the Heat Over Fintech Partners' Cyber Risks,” first appeared in Law360 on June 13, 2019.