Monitoring Service Providers for Privacy Compliance
by Andy Zavoina BIO AND CONTACT INFO
QUESTION: How do banks intend to monitor their service providers to confirm that they are maintaining appropriate security
measures to safeguard the bank's customer information? We are looking for a practical, reasonable way to do this.
ANSWER: It is too early to have a best practice established for this. Basically you will have to audit them or receive a copy of their own or third party audit.
Before you can require audits of specific requirements, you need to identify them and establish certain benchmarks.
I would ensure that your contractual agreement allows for termination when a default occurs.
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