A new article about Vendor Risk Management for Law Firms features Block Ransomware team member John Stambelos, CEO of Stambelos Consulting and Former Director of IT at Munger, Tolles & Olson LLP.
The article goes on to warn:
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 rm must also reduce the risk of breach at their third-party vendors. As cloud service providers become commonplace, so too does a rm’s responsibility to ensure their vendors are managing risk appropriately.
In the article John goes on to state:
Business efficiency and price are no longer the only key factors in vendor evaluation, security must have an equal weight in the decision-making process. Your clients demand it and new regulations are emerging across multiple industries.