How to Manage Cybersecurity Risks for SaaS Companies?

SaaS solutions have been dominating the information technology industry for a good reason - they can run on any device with a standard internet connection. That means that they are proving to be an essential part of every business and organization.

Add in the growing popularity of hybrid and remote workplaces, and you have a myriad of employees and businesses that operate online. With so many essential interactions happening online, and so much vital information for businesses being accessed via different devices, a lot of companies can suffer a blow in the shape of a cybersecurity breach.

So if you are running a SaaS company and are wondering how to strengthen the product you sell to your loyal clients, cybersecurity should be a big focus. That’s why we’ve composed a list of advice for managing cybersecurity risks for SaaS companies. (Note: We will post a separate article for Virtual Private Network. How it's beneficial as a tool and tips for getting great VPN deals on the market.)

Why Should You Secure Your SaaS Company?

SaaS cybersecurity is a bit specific since both the SaaS company and its clients are stakeholders in SaaS security. In other words, both parties benefit from regulatory and technological safeguards since everyone’s information and capital remain protected.

The areas where companies and organizations needed the most support are:

• Office automation processes

• Sales-oriented departments such as marketing

• Human Resources

• IT services and support

B2B and B2C SaaS companies all store sensitive information about users and organizations. From financial data to personal information, unsecured information that gets stolen can wreak havoc on someone’s life. That’s why they expect you to do the most to protect the trust they give you.

Since personal and financial information stored on web-based applications is a popular target for cybercriminals, you should apply the best methods for securing your company’s reputation.

How to Manage Cybersecurity Risks?

Perform Security Monitoring and Visibility

The first rule is to always be diligent and on your toes. You should employ a team that performs routine monitoring and carries through continuous visibility processes in your company. That means that all security-connected data like the ones concerning threats and vulnerability (also called “cyberthreat intelligence) should be kept in check.

Threat and vulnerability management is done through mitigation strategies that process threat intelligence to spot problem areas. The goals are never fully achieved since the process never ends. But the lower the number of latent risks turned into attacks - the better. If you are unsure if your IT team can handle the meticulous and hard task of security monitoring, there are expert companies that provide helpdesk services and backup for you, in addition to creating a protection and recovery plan to prevent you from losing your critical and irreplaceable data.

Secure Against Data Breaches

While encrypting your data to protect it from data breaches may have been an effective method before, competent cyberattackers may now find a way to bypass your encryption controls. Criminals will utilize your client data once they get in, and they may even completely make some of your hosted programs or servers pointless. When Adobe was attacked a few years back, cybercriminals stole usernames and encrypted passwords, along with encrypted debit and credit card details. A seemingly well-secured company being hit like this raised worries about SaaS security. As a result, it was made clear that disclosure of SaaS weaknesses and encryption techniques can be utilized to circumvent SaaS company data security safeguards.

Forget Weak Passwords and Weak Authentication Methods

Do you want your company to stay in the SaaS game? We can’t blame you - the SaaS market is estimated to be worth up to 145 billion by 2022. But to stay a relevant player, you need to outdo your competition. For instance, a $2 million SaaS company has to be growing over 90% year-over-year to find itself in the top 25% of companies in its niche.
So it is important to note that cybersecurity issues affect everyone, not just large corporations. When privacy and data usage regulations are broken, SMBs (small and medium-sized businesses) stand to lose a lot of money. One lawsuit is frequently enough to bankrupt an enterprise or small business.

The incremental steps to improve overall security posture are using strong passwords and multi-factor authentication. SaaS firms need to constantly educate their staff not to use easy-to-guess passwords. Even though such passwords are simpler to remember, they put the employee and the whole firm at the risk of password spraying. Prompting your team to change passwords from time to time is a smart idea. And SaaS businesses should also make multi-factor authentication a common practice. That concerns sending a one-time password (OTP) or a security code to a user's phone or email to verify their identity.

Pay Attention to Infrastructure Security

The data and applications that, when combined, make the essence of a SaaS solution should be supported by a complex infrastructure. As we’ve advised already, test these assets for misconfigurations and vulnerabilities regularly, just like you would your application.

Before something is delivered to production, proactive scanning detects flaws early in the development and testing processes. Rather than accessing cloud assets directly, we advocate that businesses adopt infrastructure-as-code (IaC) and leverage automated deployments.

Also Read - Google Pacman

Reduce direct employee access to infrastructure as much as possible, and urge any modifications to be made through code. Follow the concept of least privilege, which means that access is allowed only to those who require it.

And don’t forget about the concept of defense in depth - it provides extra layers of security to infrastructure. Several separate strategies are used to protect against attacks. It adds redundancy to the system so that if one method fails, another can take its place.

Final Word

With nearly every company and organization in the 21st century counting on at least one SaaS product, we are almost all in some form of the danger of becoming a cybersecurity victim.

Thus, it is only natural that clients and end-users want to see SaaS businesses taking the issue of cybersecurity seriously. Extreme yet effective methods for safeguarding products should be done by IT teams and spearheaded by the upper management so that the process is done seamlessly without compromising the painstaking method of growth and building authority. You can also check Staffing Solution Company.

Also Read - Vidcom

Business