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ANALYSIS: Greater Vendor Oversight Needed Amid Growing Data Risk

April 19, 2022, 9:00 AM

Contracts alone just don’t cut it when it comes to managing vendor compliance, said panelists on a Bloomberg Law webinar on transactional data risks that I moderated earlier this month. It will take more than a signed agreement to ensure adherence to the ever-expanding backdrop of privacy and cybersecurity laws while meeting the demands of insurers. The need for active vendor oversight was a resounding theme throughout the discussion, and lines up with steps currently being taken by business leaders.

As regulatory and insurance requirements continue to mature—and threats of large–scale cyberattacks become more commonplace—business leaders seem to require less ...

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