There are many prominent examples in recent years of data breaches that cost companies not only money, but their reputations. Keeping your company’s data safe has become imperative, and that includes company data held by third-party vendors. How can the legal department help? First, be as thorough as possible in collecting information from the business partner in questionnaires and by your own investigation into their business structure, employees, clients, and claims. You need to structure a vendor agreement that covers the salient features of where and how critical data will be stored, who has access to networks, and if the business has the capital and even safety plans needed to endure everything from financial to cyber to physical disasters.
Join our experts as we explore how this area getting more complex, thanks to such things as evolving privacy laws, and to what extent a business is responsible for their vendor’s main vendors and what the legal department needs to think about when evaluating vendors and structuring your vendor agreements.