Common use of File Security Clause in Contracts

File Security. (a) Planet Payment acknowledges that Acquirer is required to comply with various information security standards and other statutory, legal and regulatory requirements as well as their respective internal information security programs for information protection. If applicable, Planet Payment shall make reasonable efforts to assist Acquirer to so comply. Planet Payment shall at all times comply with the requirements of the applicable Account Security System and Acquirer acknowledges that such compliance by Planet Payment is the sole information security standard required of Planet Payment hereunder. (b) Planet Payment shall at its sole cost engage a national, independent, certified public accountant, or other mutually agreeable firm, to perform a SAS70 Type 2 Review (Report on controls placed into operation and tests of operating effectiveness) and issue a Service Auditors Report (SAR). This review will focus on Planet Payment’s general operating and security controls and major commercial application systems used for the purposes of providing services under this Agreement. A copy of the SAR will be provided to Acquirer following its completion.