COMMENTRY
In June 2023, the MOVEit supply chain attack served as a harsh reminder of the vulnerabilities in our software-as-a-service (SaaS) ecosystem. Third-party risk management (TPRM) in today’s world of SaaS applications is no longer just about ticking boxes on a checklist. The old methods, with their static questionnaires and outdated ISO 27001 and System and Organization Controls (SOC) — SOC 1, SOC 2, and SOC 3 — reports are simply not efficient anymore. With cyber threats, such as supply chain attacks and third-party integration exploits, becoming more sophisticated, organizations need a dynamic approach to managing SaaS vendors. Embracing automation, real-time visibility, and targeted assessments are crucial steps to stay ahead of potential risks.
Let’s explore how organizations that rely heavily on SaaS apps can evolve their TPRM strategies to face modern security challenges head-on.
The Growing Complexity of SaaS Oversight
SaaS adoption is growing rapidly, bringing organizations convenience and flexibility. According to B2BSaaS estimates, the SaaS market was valued at $273.5 billion in 2023 and is expected to grow to $1.2 trillion by 2032. However, this growth also…
