Most businesses have realized the risks posed by and to their data. Some experience significant operational interruptions after data breaches. The litigation they face as a result directly impacts their bottom line.
Below are eight tips for protecting a company’s finances through better negotiation of data privacy language in vendor contracts. Such agreements may be with cybersecurity services vendors, insurers, or any entity — for example, customer service management software vendors, outsourced IT providers, accounting and law firms, and management consultants — that holds personal data.
The language in these contracts is crucial for ensuring that a company maximizes its investment and protects or eliminates risks associated with data privacy, among other reasons.
Create and Leverage Model Language
This is immediately helpful, regardless of a company’s bargaining position. When the company is in a strong position, having model language allows for quicker negotiations on the company’s terms and increased consistency.
Having a model to work from is beneficial even with less bargaining power, as it provides two…
