Source: Dark Reading Author: Jatin Mannepalli URL: https://www.darkreading.com/vulnerabilities-threats/old-ways-vendor-risk-management-no-longer-good-enough
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ONE SENTENCE SUMMARY: Managing third-party risk in the SaaS ecosystem requires proactive, dynamic, and data-driven strategies to address evolving security challenges effectively.
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MAIN POINTS:
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The MOVEit supply chain attack highlighted vulnerabilities in traditional third-party risk management (TPRM) strategies.
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SaaS adoption is growing rapidly, expanding the attack surface and increasing data flow complexity.
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Shadow IT and unapproved SaaS apps create security blind spots, complicating risk oversight.
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Generative AI enhances attackers’ capabilities, increasing risks in SaaS integrations and supply chains.
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Traditional security reviews, including outdated SOC 2 reports, fail to address modern SaaS security needs.
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Real-time trust centers provide dynamic visibility into vendors’ security practices for better risk management.
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Tailored assessments with scenario-based questions uncover deeper insights into vendors’ security measures.
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Addressing skill gaps in SaaS security and API management is critical for effective TPRM.
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Shadow IT tools, including unpaid apps and extensions, must be included in security audits.
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Transitioning from spreadsheets to SaaS security posture management tools improves accuracy and saves time.
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TAKEAWAYS:
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Real-time assurance tools like Drata and Sprinto enhance visibility into vendor security controls.
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Tailored, scenario-based questionnaires provide actionable insights into vendor security practices.
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Bridging skill gaps through training or partnerships strengthens internal SaaS security expertise.
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Including shadow IT tools in audits reduces unexpected risks from unapproved applications.
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Modern TPRM tools and automation streamline processes, enhancing efficiency and accuracy.