Commentary on the MOVEit Supply Chain Attack

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 The old methods, with their static questionnaires and outdated ISO 27001 and System and Organization Controls (SOC) — SOC 1, SOC 2, and SOC 3 — reports are simply not efficient anymore.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 increasingly common, it is essential to ensure continuous improvement and alignment with organizational objectives.

What We Can Take From This

Managing third-party risk in the SaaS era demands a proactive, data-driven approach. Organizations must go beyond checkbox compliance by leveraging real-time assurance, tailored assessments, and automation. Modernizing TPRM is essential to address the complexities of SaaS security.

While challenging, particularly for smaller organizations, the benefits of preventing breaches and protecting reputations outweigh the costs. Organizations can manage expenses effectively by prioritizing critical vendors and adopting phased changes while enhancing third-party risk management. The commitment to proactive strategies ensures resilience against an ever-evolving threat landscape.