The Old Ways of Vendor Risk Management Are No Longer Good Enough

Summary: The MOVEit supply chain attack highlights significant vulnerabilities in the SaaS ecosystem, urging organizations to evolve their third-party risk management (TPRM) strategies. Traditional methods, relying on static assessments and outdated reports, are insufficient against modern threats. A dynamic, data-centric approach that emphasizes automation, real-time visibility, and tailored assessments is essential for effective risk management.

Affected: Organizations using SaaS applications

Keypoints:

• The rapid growth of SaaS applications introduces new complexities and an expanded attack surface, exacerbated by shadow IT.
• Traditional risk reviews are inefficient and often superficial, failing to address modern cyber threats effectively.
• To enhance TPRM, organizations should implement real-time assurance, smarter questionnaires, and utilize advanced tools over manual processes.
• Addressing challenges like shadow IT and investing in team expertise are vital to managing third-party risks in the evolving security landscape.