Source: Dark Reading Author: Jatin Mannepalli URL: https://www.darkreading.com/vulnerabilities-threats/old-ways-vendor-risk-management-no-longer-good-enough

ONE SENTENCE SUMMARY:

Managing third-party risk in the SaaS ecosystem requires proactive, dynamic, and data-driven strategies to address evolving security challenges effectively.

MAIN POINTS:

1. The MOVEit supply chain attack highlighted vulnerabilities in traditional third-party risk management (TPRM) strategies.
2. SaaS adoption is growing rapidly, expanding the attack surface and increasing data flow complexity.
3. Shadow IT and unapproved SaaS apps create security blind spots, complicating risk oversight.
4. Generative AI enhances attackers’ capabilities, increasing risks in SaaS integrations and supply chains.
5. Traditional security reviews, including outdated SOC 2 reports, fail to address modern SaaS security needs.
6. Real-time trust centers provide dynamic visibility into vendors’ security practices for better risk management.
7. Tailored assessments with scenario-based questions uncover deeper insights into vendors’ security measures.
8. Addressing skill gaps in SaaS security and API management is critical for effective TPRM.
9. Shadow IT tools, including unpaid apps and extensions, must be included in security audits.
10. Transitioning from spreadsheets to SaaS security posture management tools improves accuracy and saves time.

TAKEAWAYS:

1. Real-time assurance tools like Drata and Sprinto enhance visibility into vendor security controls.
2. Tailored, scenario-based questionnaires provide actionable insights into vendor security practices.
3. Bridging skill gaps through training or partnerships strengthens internal SaaS security expertise.
4. Including shadow IT tools in audits reduces unexpected risks from unapproved applications.
5. Modern TPRM tools and automation streamline processes, enhancing efficiency and accuracy.