The European Securities and Markets Authority (ESMA) published its draft guidelines on outsourcing to cloud service providers on June 3. Steven Maijoor, the chair of ESMA, indicated that the purpose of the guidelines is to “help firms understand and mitigate the risks that they are exposed to when outsourcing to cloud service providers.”
Tech & Sourcing @ Morgan Lewis
TECHNOLOGY TRANSACTIONS, OUTSOURCING, AND COMMERCIAL CONTRACTS NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
The US Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) published a report on January 27 outlining various industry practices and approaches to managing and combating cybersecurity risks and maintaining operation resiliency. The OCIE observed these practices through conducting thousands of examinations, and hopes that organizations can use the report to enhance their own cybersecurity preparedness and operational resiliency.
The Clearing House (the oldest banking association and payments company in the United States) recently released a model agreement as a voluntary starting point to facilitate data sharing between financial institutions and fintech companies.