Businesses are increasingly relying on SaaS tools. However, many aren’t confident in the protection they offer.
According to a survey, 28% of respondents expressed confidence in their data protection measures while 31% feared a lapse in data security.
That’s not to say SaaS software isn’t secure. Every cloud computing tool comes with risks. However, you must ensure you have the best protection possible.
You could mitigate those risks by protecting valuable customer data and ensuring your data recovery processes are robust.
Below, we’ll explain how…
Assess Current Protection Tools
This requires asking some important questions. What type of customer data is collected and stored?
Once you’ve identified all aspects of the data collection process, ask how it is protected. Personal information like contact details and financially sensitive data are a goldmine if they get into the wrong hands.
PayPro Global suggests reviewing the security and integrity of your infrastructure. This should include encryption, access controls and backup protocols.
Data Backup
According to Gartner, about 75% of companies will prioritize SaaS data backup by 2028.
The company notes that the risk of IT outages can’t be ignored, highlighting the urgent need for regular backup and recovery of critical data.
Michael Hoeck, senior director analyst at Gartner, says businesses will continue to rely on SaaS solutions. Hoeck emphasizes that due to the risks of errors, cyber-attacks, and other issues, SaaS data backup solutions are now essential, not optional.
Advanced Encryption
Advanced Encryption Standard (AES) is an algorithm that encrypts and decrypts data to protect against unauthorized use.
AES has several features, including working on an SP network structure instead of the conventional Feistel cipher structure.
Then there’s Rivest-Shamir-Adleman (RSA). Typically used for secure key exchanges and digital signatures, RSA is secure but can be costly.
The algorithm has been the subject of encryption rumors lately.
Forbes debunked claims that Chinese scientists allegedly hacked “military-grade encryption” using quantum computers. Unfortunately, the headlines sparked concern over the future of cybersecurity.
App Visibility
Cybersecurity experts made a few interesting observations following a report on the state of SaaS security in 2024.
According to the report, about a third of companies fell victim to a SaaS data breach in the past 12 months. The 5% increase over the previous year could be attributed to the inadequate visibility of deployed apps, including third-party connections.
The oversight is that nearly half of the businesses aren’t aware of the number of apps connected to their platforms with some suggesting several.
Yet, the report showed the average number of connections was over a thousand. A third admitted not knowing how many SaaS apps were deployed in their company.
The Human Aspect
Raconteur claims three-quarters of data breaches are due to human error. It’s often the result of employees cutting corners to drive revenue.
The publication adds that staff are increasingly running SaaS apps on personal devices that are easily compromised. And once an account is vulnerable to attack, other tools or a platform for selling SaaS are easy pickings.
A solution to mitigating the problem is for companies to police the use of third-party cloud apps and deploy a two-step verification process.
Configurations
Another common cause of cyber breaches is security misconfigurations. Most SaaS products have layers of configurations that clients must integrate into one platform for selling.
System administrators can make the costly mistake of giving unnecessary access to sensitive data, inadvertently creating weak points for cyber attacks.
Forrester recommends SaaS security management solutions to help with “configuration drift detection.”
Knowledge is Power
Lack of knowledge about the capabilities of SaaS tools is a major stumbling block for companies.
A shared responsibility model works on mutual agreement that SaaS vendors aren’t responsible for a company’s data protection and recovery. Many businesses aren’t aware of the fine print and expect the service provider to provide adequate security in this regard.
SaaS platforms are usually purchased by a business team. Yet most companies believe IT is responsible for the majority of SaaS outages. The most significant finding is the disconnect between IT and end users.
Protecting Your Business From Reputational Damage
Fortifying data protection has become more critical now than ever. The Hacker News says ransomware remains the biggest cyber threat to organizations.
Besides the disruption to business operations, a cyber breach causes major reputational damage and results in substantial financial losses.
A loss of trust from the client may mean they take their business elsewhere. Partners and vendors might be unwilling to continue their working relationship with you.
Investors could react negatively and choose to invest their money in another company.
Data protection should be and remain your priority as a SaaS company. There’s no question about whether your information is safe.
The best advice is to implement controls, procedures and IT governance to protect against any form of cyber attack. It doesn’t only take one solution to rule the roost on the path to a global growth journey.