- Members/Legal Professionals
- Find Legal Help
- Lancaster Courts
- Legal Ads/Law Review
- Lancaster Law Foundation
Speaker: Jordan L. Fischer, Esq., Teaching Professor of Law at Drexel’s Kline School of Law
Description: In 2019, the global average cost of a data breach was $3.92 million; a 1.5 percent increase from 2018. An increasing contributor to this number: third party vendors who are becoming bigger threats to their customers. Hackers are targeting vendors as a method of infiltration to their customers/clients. Instead of attacking one company at a time, hackers target vendors that work with numerous organizations thereby increasing their ROI.
Supplier management and due diligence is one of the most difficult problems facing business today. Companies are now required to be concerned, not just with their own security and data privacy practices, but also those of their vendors. In order to comply with newly enacted regulations like the California Consumer Privacy Act ("CCPA"), Europe's General Data Protection Regulation ("GDPR"), and New York Department of Financial Services ("NYDFS") Part 500, 23 NYCRR 500, companies must scrutinize their vendors and ensure that the appropriate safeguards are in place, both contractually and operationally, to perform this due diligence.
In this presentation, Jordan L. Fischer, Esq. will discuss how to address legal liabilities in managing supply chain risks. She will provide an overview of the critical provisions of the relevant laws that impact vendor management, and how to effectively and efficiently standardize supplier due diligence and contract negotiation across all business units. Finally, this presentation will offer an opportunity to discuss current threats, from a technological and legal perspective, workable solutions, and the interplay of these legal obligations and technological solutions to minimize risk when engaging with third-parties.
This CLE is make possible by the LBA's strategic partnership with Drexel University.