How to Maintain Effective and Secure Long-Term Vendor Relationships: Finding and Addressing the Issues (Part Two of Two)

An effective long-term vendor relationship requires vigilance and communication to weather inevitable changes that come from regulations, data sets, technology, products and circumstances. After hosting a webinar on this topic, the Cybersecurity Law Report delved further into these issues with the panelists – Karen Hornbeck, senior manager at Consilio; Kristina Bergman, founder and CEO of Integris Software; and Aaron Tantleff, partner at Foley & Lardner. This second installment of our two-part article series explains how to identify and address issues with third-party vendors, including when and how to revise contractual relationships and best practices for internal oversight structure. Part one discussed the legal and technical third-party risks and what regulators (domestic and international) expect in terms of vendor oversight. See also “Developing an Effective Third-Party Management Program” (Mar. 14, 2018); and “How to Move Beyond a Checklist Approach to Third-Party Oversight” (Dec. 6, 2017).

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