Today, many financial institutions including banks outsource operational functions to contractors or use third parties to offer value added services. In fact a rapidly increasing number of banks are outsourcing core banking operations (i.e. accessing demand deposit accounts through bank cards) to third party service providers. The implications of this: a new avenue of threats for both the banks and their customers. Over the years, regulations and laws have been introduced to ensure banks hold their vendors accountable for their activities. For instance, Federal Financial Institutions Examination Council (FFIEC) recently released the Cybersecurity Assessment Tool that states, “Financial institutions must understand the complex nature of arrangements with outside parties and ensure adequate due diligence for the engagement of the relationships and ongoing monitoring.”