Cadence Bancorporation is a regional bank holding company headquartered in Houston, TX with 1,200 associates and $11 billion in assets as of March 31st, 2018. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Mississippi, Tennessee, and Texas. The firm provides corporations, middle-market companies, small businesses, and consumers with a full range of banking and financial solutions. Services range from commercial and business banking to wealth management to credit cards and much more. Clients have access to cutting-edge online and mobile solutions, interactive teller machines, and ATMs. Cadence Bank, N.A. is a subsidiary of Cadence Bancorporation.
Cadence Bancorporation relies on third-party vendors to amplify its reach and extend its capabilities. At the same time, these relationships could expose the bank to risk. The Bank Director’s 2017 Technology Survey found that 44 percent of respondents believe their bank would be vulnerable if one of the bank’s vendors experienced a cyber attack or data breach.
As a result, Cadence Bank has committed to performing due diligence, even when such diligence has consumed time and resources to assess whether prospective vendors have adequate controls in place to mitigate any cybersecurity risks.
SecurityScorecard provides Cadence Bank with an extremely accurate rating of security risk. The SecurityScorecard platform uses trusted commercial and open source threat feeds as well as non-intrusive, proprietary data collection methods to quantitatively evaluate the cybersecurity posture of potential partners.
By using SecurityScorecard, the Cadence Bank Technology Risk and Compliance team has been able to perform a much more thorough review of each vendor.
SecurityScorecard also helps the bank improve vendor accountability. The team can look at alerts and see whether the vendor has indeed remediated issues that were found.