Vendor and third-party risk management is one of the biggest issues facing corporations when it comes to maintaining the integrity of the data it shares with third-parties. When it comes to cybersecurity, a company’s defenses are only as strong as the weakest link in the corporate vendor chain. The ease, convenience, and cost-effectiveness of outsourcing certain business functions can frequently overshadow the potential pitfalls lurking in using outside third-parties and vendors. Additionally, many data privacy and cybersecurity regulations require businesses to manage its vendor relationships through contractual obligations and auditing requirements.
XPAN Law assists our clients to identify and evaluate vendor risks in every industry, regardless of company size. Our experience allows us to provide the right guidance surrounding third-party vendor and supply chain management, connecting those issues with the company’s regulatory obligations. XPAN Law is always mindful that it is essential to weave an organization’s regulatory requirements with its business practices for seamless compliance.
We also use our global knowledge and experience to ensure our clients comply with regulations such as the European Union’s General Data Protection Regulation (“GDPR”), the California Consumer Privacy Act (“CCPA”), the California Privacy Rights Act (“CPRA”), the Colorado Privacy Act (“CPA”), Virginia’s Consumer Data Privacy Act (“CDPA”), the Department of Labor Cybersecurity Guidelines, New York SHIELD Act, and the Health Insurance Portability and Accountability Act (“HIPAA”), along with other federal and state regulatory schemes that require vendor management. Our attorneys regularly negotiate Data Processing Addendums (“DPAs”) and Standard Contractual Clauses to ensure our clients are able to withstand legal scrutiny surrounding data transfers and are well-positioned to defend, and potentially avoid, costly litigation down the road.
XPAN Law partners with technology companies to conduct vendor audits and properly inform our clients on vendor and supply chain risks. We use our technical fluency as an advantage to power action. This gives our clients the edge in having a clear understanding of their vendor and/or third-party risks and how to mitigate them.