Software as a Service (SaaS) security issues are growing along with SaaS usage and adoption. SaaS is not only revolutionizing the cloud service model but also posing new security concerns and requirements. It has the greatest requirement for security practices and control because it is now the most prevalent service delivery paradigm.
During the peak of the COVID-19 pandemic, organizations imposed a hybrid work paradigm, which led many businesses to expedite their migration to cloud-based services for increased efficiency and resilience. Regardless of the location of the firm or its personnel, Software as a Service (SaaS) has given organizations the tools needed for efficient administration, communication, and collaboration. Additionally, customers are not required to invest in physical infrastructure, platform administration, patching, or monitoring. For both SaaS users and suppliers, these advantages are accompanied by considerable risk factors and difficulties.
In order to acquire operationally from outsourcing crucial company services, modern enterprises are boosting their cloud adoption. According to a 2021 study, 90% of the firms questioned are currently deploying cloud computing, including Software as a Service (SaaS) services.
The top three cybersecurity threats that every company adopting SaaS services should take into account are listed below.
Loss of data
When employing SaaS, organizations have less access to and control over their data. As a result, there is a higher possibility of data leakage or deletion by accident.
If this risk materializes, it could lead to the irreversible loss of sensitive data, which frequently has a negative effect on a company’s finances, legal situation, and reputation. Compensation for impacted staff or customers, the implementation of incident response plans, the restoration of data from backups, an investigation into the data breach, the investment in new security measures, regaining the trust of customers, and the payment of legal fees, including forfeitures for failure to comply with the EU General Data Protection Regulation (GDPR), are just a few examples of costs.
Also Read: Is SaaS a Cybersecurity Risk or a Benison?
Whenever sensitive information is compromised, whether on purpose or not, the parties involved may take legal action to recover damages. The consequences of data loss can occasionally put an organization’s survival in jeopardy. SaaS providers must therefore identify pertinent dangers and minimize their attack surfaces.
Disasters can strike suddenly and have the power to upend the company’s foundation. In order to prepare for any impending disasters, firms need to ask themselves these questions.
What transpires after a natural disaster to the cloud application and all the data kept there? Does the master service agreement’s force majeure provision apply? Does the service provider guarantee a full recovery? If so, businesses should find out how long it will take and what the procedures are.
Third-party risk, or the risk arising from any third party in an organization’s supply chain, is produced by SaaS services. Different levels of danger from third parties can exist for an organization’s information security. An organization would view a hired office cleaner as a low-level security concern, whereas a SaaS provider is probably a high risk.
Publicly Identifiable Information (PII) and other privileged data will typically be accessed by or stored by SaaS programs for use by a business. Although the company may have strict security procedures in place to reduce cyber threats, protection is only as effective as the weakest supply chain link.
The particular cyber risks that their SaaS vendors add to the attack surface must be consistently monitored and managed by organizations through the implementation of third-party solid risk management procedures.
Unintentional insider threat
Companies must deal with everything from admins acting erratically to user irresponsibility. Being so close to the sensitive data and being the ones who are most familiar with the vulnerabilities, insider attacks can be expensive. High-level insiders don’t always inflict harm on purpose; many don’t recognize they have done wrong until it’s too late.