Identifying and Managing Third-Party Cybersecurity Risks for Asset Managers

As connectivity grows, the risk that data entrusted to vendors could be compromised or that a company’s own system may be breached through one of its vendors continues to increase. A recent Advise Technologies program focused on how private fund managers can understand and mitigate third-party risks. A panel of attorneys and compliance and regulatory consultants discussed the regulatory emphasis on third-party risk, ways to assess this risk, and common errors and best practices for managing vendors, including due diligence questionnaires. While certain regulatory considerations are specific to fund managers, the due diligence concerns and best practices provide important advice to all companies working with third-party vendors.  See our two-part series on vendor risk management “Nine Due Diligence Questions” (May 25, 2016), and “14 Key Contract Terms” (June 8, 2016).

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