Software As a Service (SaaS) is a business model that provides applications that solve modern-day problems. These applications from SaaS can be used both over the internet and as a standalone software as well. However, SaaS reliance on the internet comes with several cybersecurity risks. Their exposed nature opens many doors to cybercriminals who are actively looking to breach the security of such companies.
Without a reliable solution or response plan, SaaS companies can take immense damage through cyber-attacks. These attacks can be in the form of data loss, data breaches, and unauthorized access to sensitive data. SaaS companies are also trusted by their clients as they hold their sensitive data and information. Therefore, a cyber-attack won’t only affect your company’s growth but it will also lead to non-compliance issues.
Let’s dig more into this and uncover the top alarming cyber threats for SaaS companies in 2024.
6 Critical Cyber Threats SaaS Companies Must Watch Out for
SaaS companies can get targeted by cybercriminals in various forms and shapes. However, the most emerging digital threats in the SaaS environment are cross-site scripting, cloud attacks, data breaches, account hijacking, and others. In this article, you will learn more about these threats and also discover solutions to safeguard your company against them.
Here are 6 ever-evolving cyber threats that SaaS companies must seek protection from.
Unsecured Access Points and Insider Threats
Unauthorized access is one of the most common threats in the SaaS environment. Statistics show, that 36% of the employees keep access to company systems after leaving the organization. This happens when SaaS companies overlook this and they lack proper provisioning mechanisms.
Also, revoking the access manually can lead to errors which means employees might still have access to the system. Therefore, if employees have access to the things they shouldn’t have it increases the risk of various cyber-attacks. Considering this, SaaS organizations acquire digital risk protection services to harden their access point security and keep insider threats at bay.
Cloud Threats
SaaS companies operate in the public cloud space to provide their clients with ease of access. However, this convenience has many risks associated with it. SaaS customers or SaaS providers both can become the reason behind exposing the organization to countless threats. This includes threats like cloud leaks, phishing, insider threats, ransomware, and malware.
The risk of cloud-related attacks is high because even a minor misconfiguration of the cloud can create security loopholes. An example of this can be, an admin that provides too many access rights to some users. Thus, if the user account gets compromised, malicious actors can operate through his account to gain access to your system.
Zero-Day Attacks
This is another major threat that most SaaS companies experience. Zero-day attacks mean the vulnerabilities in your system that are unknown to the developers and owners. The risk of this is high because SaaS companies continually update their solutions to attract more clients and stay in competition.
As a result, the developers often leave some security loopholes that remain unpatched. This opens a portal for cybercriminals to exploit your whole system through these vulnerabilities. Therefore, having a proactive security solution in place is essential to prevent or mitigate the damage of cyber-attacks.
Account Hijacking
Most SaaS companies work in remote settings. While remote setting provides ease for employees it can also be detrimental for the company. This is because in most cases the remote employees don’t follow the right practices to maintain their device security. Therefore, with unreliable security of their device puts your company assets at risk.
Cybercriminals can use social engineering to compromise the security of these unsecured devices. Through this, they can gain access to user accounts and exfiltrate your company’s sensitive data without drawing attention. Considering this, it’s important to have a smart security solution that protects your organization from such threats.
API Threats
SaaS applications have the APIs that they use to interact with their existing resources and offer core functionality. While APIs are essential for business continuity it also leads to alarming cybersecurity threats. Cybercriminals can use these APIs for data breaches, authentication issues, and deploying malware into the system.
Traditional security methods don’t work anymore against such modernized threats. Considering these threats, SaaS companies have no other option but to implement a strong security solution. With modern-day active security solutions in place, SaaS companies can minimize the chances of API-based attacks. This is why you must opt for digital risk protection services to safeguard your SaaS Company against emerging threats.
Are You Worried About Emerging Cyber Threats for SaaS?
SaaS companies can’t operate without a reliable security solution that provides 24/7 active protection. You can opt for professional cybersecurity services to implement strong defense mechanisms in your company network. Contract professionals now and secure your SaaS company from emerging cyber threats.