The financial services sector handles massive amounts of data and faces increasing cybersecurity risks. With the industry ranking among the top three sectors in data ownership, it manages 2.5 quintillion bytes of data daily. However, technology reliance brings vulnerabilities, and security teams prioritize privacy concerns during digital transformation. Additionally, the sector struggles to ensure a secure cloud environment and faces rising threats from cyberattacks. To address these challenges, cybersecurity leaders must undergo a digital transformation in managing cyber risk through a modern approach to third-party risk management.