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Vendor Risk Management for Law Firms: 7 Steps to Success
Most firms have extensive cybersecurity measures in place, but emerging or unclear regulatory requirements embroil them in a never-ending cycle of evaluation, best-practices review, and implementation. Firms don't just need to have their own systems secured; a responsible firm must also reduce the risk of breach at their third-party vendors. This risk continues to grow as cloud-service providers gain acceptance in law firms. As cloud service providers become commonplace, so too does a firm's responsibility to ensure their vendors are managing risk appropriately.
Managing risk presented by outside vendors is simply the cost of doing business today. “Business efficiency and price are no longer the only key factors in vendor evaluation,” says John Stambelos, CEO of Stambelos Consulting and Former Director of IT at Munger, Tolles & Olson LLP. “Security must have an equal weight in the decision-making process. Your clients demand it and new regulations are emerging across multiple industries.”
For example, the New York State Department of Financial Services is considering a regulatory requirement to conduct supply chain risk assessments in 2018 that will change the landscape of how vendors will be required to provide products and services to this market. The precedent has been set and additional states and regulatory bodies will surely follow suit.
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