News & Analysis as of

Third-Party Service Provider Contract Terms Technology Sector

Barnea Jaffa Lande & Co.

DORA for Tech Vendors - What You Should Know (But Haven’t Asked)

DORA (Digital Operational Resilience Act) is an EU regulation that sets rules for how financial entities manage ICT (Information and Communication Technology) risks. It covers areas like cyber resilience, incident reporting,...more

WilmerHale

Service Agreement Lessons From July's Global Tech Outage

WilmerHale on

In the early morning hours of a random summer Friday in July, IT systems around the globe began to experience widespread crashes. Initial fears of a massive cyber or other malicious attack by a state-sponsored actor or...more

Pillsbury - Global Sourcing Practice

Old Tricks for the New Dog: Why Traditional Technology Sourcing Best Practice Is Relevant for Cutting-Edge AI

Since the release of OpenAI’s ChatGPT, the intense hype around large language models (LLMs) and complex AI systems has exploded. Organizations have rushed to both try and buy these new tools. Along with it, a flood of...more

Foley & Lardner LLP

A Hacker or Your Cloud Provider. Who Presents the Greatest Risk to Your Data?

Foley & Lardner LLP on

It’s your worst nightmare. All of your most important and sensitive data, the thing your business values most, the thing your company cannot operate without, the thing your regulators require you to protect, has been taken...more

Troutman Pepper Locke

FDIC Reminds Small Banks of Need to Oversee Technology Service Providers

Troutman Pepper Locke on

The need to control risks associated with using third-party technology service providers was reemphasized by the FDIC for institutions with less than $1 billion in assets in a new financial institutions letter...more

Stinson LLP

Financial Institution Letter Shows FDIC is Serious About Tech Contracts

Stinson LLP on

In recent years, bank regulators have increased their efforts to require banks to appropriately handle third-party risk management. On April 2, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution...more

Ballard Spahr LLP

FDIC Issues Guidance on Service Technology Service Provider Contracts

Ballard Spahr LLP on

On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to technology service provider...more

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