Could someone provide insights on the latest industry trends and best practices for incorporating information security provisions in contracts with third-party vendors and suppliers, including cloud service providers, especially when our company shares sensitive data?  Also, if there are any process improvement ideas for contract reviews, that would also be helpful.  Thank you.

First, specify security requirements like encryption standards, access controls and incident response. Include clauses for compliance with relevant regulations and regular security assessments or audits. It's also crucial to add a data breach notification clause that outlines how quickly vendors must inform you of breaches and their mitigation steps. For contract reviews, create a standardized checklist for security provisions to streamline the process and ensure consistency. Involving your legal and IT security teams early can help identify potential issues.

I would highlight data handling and destruction policies, strict SLA’s, automated contract review alerts. For cloud, especially for cloud adopting CSA STAR is good one to consider for your requirements.