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TECHNOLOGY, OUTSOURCING, AND COMMERCIAL TRANSACTIONS
NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
As we noted in our Outsourcing 2021 webinar last week, a lot has happened and changed in the last 12 months since January 2020. There have been significant and unprecedented changes in the way our companies do business, the way we engage and interact with colleagues, and the way we interact with external parties, including how our companies and each of us leverage technology to market, process transactions, and otherwise communicate.
Contract Corner
The use of aggregated data by technology service providers is quite common in today’s landscape, and something that even traditionally cautious customers have become amenable to in the right circumstances and subject to proper limitations.
An annual survey found that the coronavirus (COVID-19) pandemic has influenced decisions made by state chief information officers (CIOs) in 2020 in all areas addressed by the survey. The 2020 State CIO Survey (the Survey) released by the National Association of State Chief Information Officers, Grant Thornton Public Sector LLC and CompTIA (Sponsoring Organizations) was conducted several weeks after the start of COVID-19 and includes the responses from 47 state and territory CIOs.
Peter Watt-Morse and Ben Klaber, members of our technology, outsourcing, and commercial transactions practice, will be presenting a one-hour session on cloud computing as part of the Pennsylvania Bar Institute’s (PBI’s) virtual Cyberlaw Update 2020. The session will take place Tuesday, September 29, 2020 at 10:10 am ET.
As companies adjusted to the “new normal” of coronavirus (COVID-19) restrictions, spending on cloud services has seen a boom.
Contract Corner
Adding corporate flexibility to IT-related commercial contracts can make seemingly unrelated mergers and acquisitions (M&A) transactions a bit less complex.
The UK Financial Conduct Authority (FCA) announced on July 8 that the guidelines issued by the European Insurance and Occupational Pension Authority (EIOPA) on outsourcing to cloud service providers are not applicable to regulated activities (in this instance, insurance and reinsurance undertakings) within the UK jurisdiction.
The Business Software Alliance (BSA) recently endorsed principles for building trust in the Internet of Things (IoT), highlighting the need for a risk-based approach that (1) accounts for the various components, capabilities, users, environments, life cycles, and complexities of the IoT ecosystem, and (2) engages the corresponding stakeholders. Given the near boundless opportunities—and risks—deriving from its connectivity, a connected device should not be designed and managed in isolation.
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.”
In April, we shared a LawFlash Outsourcing and Managed Services Agreements During COVID-19: Our Perspective. With the continued and unprecedented impact of the coronavirus (COVID-19) pandemic on business operations, we thought it would be timely to provide a brief update on five top-of-mind issues that we are addressing with outsourcing and managed services clients.