However, SaaS applications introduce myriad vulnerabilities and open doors into sensitive company data. These can easily be exploited by malicious actors, underscoring the critical need for security and IT teams to maintain effective SaaS vendor risk management practices.
What Is Vendor Risk Assessment? Vendor risk assessment involves evaluating and analyzing potential risks associated with third-party vendors and service providers. It aims to identify and understand various risks, including cybersecurity vulnerabilities, compliance gaps, operational challenges, and reputational concerns, that third-party services may introduce. It is not much different from onboarding a new employee: Just as you don't hire new employees without background checks and screening processes, you should not onboard SaaS applications without, at minimum, a basic risk assessment.
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