The traditional identity and access management models used by organizations to manage third-party relationships are failing, as they were designed for a more static environment. The modern business landscape is characterized by complex, fast-moving relationships, digital transformation, and data supply chains, which have exponentially increased the number and diversity of third-party touchpoints. As a result, most organizations over-provision access to vendors, contractors, and partners, creating unnecessary risks such as license waste, identity sprawl, security complexity, and integration overhead. To break this cycle, modern third-party identity security requires comprehensive visibility, real-time intelligence, automated governance, least privilege by default, lifecycle management, and smart service integration. Organizations need solutions that unify visibility, context, and automation to protect sensitive data while maintaining compliance and operational efficiency. Ultimately, treating third-party access as a core security imperative is essential to creating a culture of identity-first thinking and ensuring the security perimeter remains strong.