News & Analysis as of

Risk Management Third-Party Service Provider Vendors

Jackson Lewis P.C.

Tips for Vacation Rental, Property Mgmt. Businesses Facing Vendor Cybersecurity Risk

Jackson Lewis P.C. on

No organization can eliminate data breach risks altogether, regardless of industry, size, or even if the organization has taken significant steps to safeguard their systems and train employees to avoid phishing attacks....more

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

Goodwin on

On October 16, 2024, the New York State Department of Financial Services (NYDFS or the “Department”) published an industry letter (the “Guidance”) regarding the increased reliance on artificial intelligence (AI) and the...more

Baker Donelson

Best Practices for Protecting Operations from Vendor's Cyber Incidents

Baker Donelson on

In the aftermath of a vendor's hack that crippled an industry, ensure your business is up to date on best practices for mitigating the risks of third-party cyber incidents. Many businesses struggle to adequately consider the...more

Pillsbury - Global Sourcing Practice

Old Tricks for the New Dog: Why Traditional Technology Sourcing Best Practice Is Relevant for Cutting-Edge AI

Since the release of OpenAI’s ChatGPT, the intense hype around large language models (LLMs) and complex AI systems has exploded. Organizations have rushed to both try and buy these new tools. Along with it, a flood of...more

Society of Corporate Compliance and Ethics...

The top risk factor for shell companies

CEP Magazine (October 2022) - A recent case reminded me of how easy it is to use shell companies to perpetrate fraud. A former associate general counsel who handled allegations of employee misconduct for a company created...more

Ervin Cohen & Jessup LLP

Mitigating a Company’s Liability When a Data Breach Is Suffered by a Vendor or Service Provider

Data breaches by large companies have been in the news for some time. Over the last several years several companies, including Marriott, Yahoo and Volkswagon, have been victimized by hackers who have broken into a company’s...more

Mitratech Holdings, Inc

What is a Vendor Risk Assessment?

We recently dove into what vendor risk and vendor risk management entails. Once you understand that this is the risk that results from vendors, it’s simple to extend this and establish that vendor risk assessment (VRA), or...more

Mitratech Holdings, Inc

Vendor Risk Roundup: 3 Huge Breaches (So Far!) This Year

Wherever you look, it feels like cyberattacks are becoming increasingly common. Criminal hackers are making the headlines every day, stealing the personal information of millions of people, ranging from birthdays to Social...more

Mitratech Holdings, Inc

What is Vendor Risk & Vendor Risk Management (VRM)?

Vendor risk management (VRM), or third-party risk management, is the management, monitoring, and evaluation of risks that result from third-party vendors and suppliers of products and services. It’s a crucial initiative...more

Mitratech Holdings, Inc

The Case for Decentralized Third-Party Risk Management

As we now enter the third quarter of our discontent with the Coronavirus worldwide pandemic, one thing is very clear: Centralized vendor risk management is imploding....more

Mitratech Holdings, Inc

Moving Center Stage – Vendor Risk Management & COVID-19

Mitratech Holdings, Inc on

Vendor Risk Management (VRM) featured heavily at the recent Mitratech Interact 2020 online conference.  That’s not surprising, considering the rising concerns about the risks posed by vendor and supplier networks – and how...more

Mitratech Holdings, Inc

Previewing Interact 2020: Why Is This a Critical Moment for Vendor Risk Management?

Among the many other hard lessons the COVID-19 pandemic has been teaching businesses, there’s this one: Vendor risk management has become even more complex than before. Frighteningly complex, in fact, making it even more...more

Mitratech Holdings, Inc

Why Is Vendor Management Software So Crucial For Financial Institutions?

Vendor management is a complex task, yet a necessary undertaking for any organization dealing with third parties.  ...more

Mitratech Holdings, Inc

Managing Third-Party Vendor Regulatory Compliance

Data breaches are a hot topic and will undoubtedly get even hotter. Cybersecurity for your own enterprise isn’t enough — you must evaluate your vendors and determine if they’re prepared to resist cyberattacks.  ...more

Sheppard Mullin Richter & Hampton LLP

SEC and FINRA Signal Renewed Focus on Vendor Management in Two Key Areas: Cybersecurity and Market Access Rule Compliance

The Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”) recently issued guidance in connection with firms’ relationships with third-party service providers. These publications...more

Reveal

The eDiscovery Impostor and How to Spot Them

Reveal on

“To err is human,” but in an industry as seemingly driven by precision as eDiscovery, errors are all too common. Yes, mistakes are going to happen. Which is why we can fall back on processes and procedures to ensure that even...more

Thomas Fox - Compliance Evangelist

The Dutch Tulip Bubble and Internal Controls for Third Parties

Internal controls are a key tool to operationalize your third-party risk management program. The basic internal controls, that should be a part of any financial controls system. There were four significant controls the...more

The Volkov Law Group

Lessons Learned from the Capital One Data Breach (Part I of III)

The Volkov Law Group on

Not to say, I told you so, but around the same time that the Capital One data breach occurred, I was reminding clients that nearly half of  all significant data breaches or cyber-incidents occur because of internal actors. ...more

Thomas Fox - Compliance Evangelist

Doing Business with Wells Fargo – Watch Your Wallet

You really do have to appreciate Wells Fargo & Co. Perhaps solely of the most recent spate of US corporate ethics scandals, it is the company that keeps giving and giving and giving. On the other hand, it may simply be that...more

Patterson Belknap Webb & Tyler LLP

DFS Cyber Regulation: Part II – An Interview with Bay Dynamics’ Steven Grossman

This is the second installment in our interview with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, the cyber risk analytics company. Here, Steven discusses the importance of aligning an institution’s risk...more

Stinson LLP

Emerging Trends Newsletter - Q3

Stinson LLP on

We are thrilled to bring you the third installment of Stinson Leonard Street's Emerging Trends newsletter. We are proud of the depth and breadth of experience and knowledge across our firm's 13 offices nationwide and are...more

Stinson - Corporate & Securities Law Blog

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

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