Free or low-cost collaboration tools may come with risks such as limited security features, lack of regular updates, and potential data privacy concerns. To mitigate these risks, thoroughly research and evaluate the security measures of any tool before using it. Consider investing in a paid version that offers enhanced security features and support. Implement additional security measures, such as encryption and access controls, to protect your data. Regularly monitor and review the tool's performance and security to ensure it meets your organization's needs.