Neutralizing Cyber Threats In SaaS Applications

Uploaded on 2024-05-07 in TECHNOLOGY--Resilience, FREE TO VIEW, BUSINESS-Services-IT & Telecoms

There’s a reason why 99% of organizations will use at least one piece of SaaS (Software-as-a-Service) tech by year’s end. Such solutions are cost-effective, hyper-efficient, highly compatible, and guarantee backups and data. Moreover, 70% of CIOs rely on SaaS for scalability and agility.

Now, there’s a flipside to this coin. SaaS apps are online; thus, they’re vulnerable to security risks similar to all other web apps.

While modern workplaces can’t do without SaaS apps, they also can’t afford a SaaS-related security breach, totaling an average global cost of $5.07 million. Below, we’ll provide a comprehensive guide on neutralizing SaaS application threats so your business can harness its power while offsetting potential vulnerabilities.

Navigating The Cyber Threat Landscape In SaaS Applications.

To properly grasp the cyber threat landscape in SaaS applications, examine the stats from a recent survey in bullet points below:

75% of survey respondents had a data breach through their SaaS application within 18 months of the report cited.

93% of businesses cited having SaaS security defense gaps.

Almost half of all respondents had 500 SaaS app subscriptions.

The statistic that stands out to us most is the proliferation of SaaS app subscriptions. All it takes is one of those apps to have a weakness for something to go wrong. Let’s take a deeper dive into what causes vulnerabilities in SaaS apps.

API Security: Proprietary APIs are a common component of SaaS applications. This feature offers core functionality by interacting with existing resources. Yet, it also exposes subscribers to cyber threats since APIs are prime targets of attackers; they’re susceptible to authentication issues and data breaches.

Also, these SaaS-specific APIs don’t have fine-grained controls but undergo mass deployment, leaving gaping holes in defenses.

Security Misconfiguration: Most SaaS apps have built-in security controls. However, they aren’t typically defined correctly. One administrator error can expose highly sensitive data and business functions to the public.

Insider Threats: Trusted third parties and employees can pose a security risk to your SaaS applications. This vulnerability stems from companies not enforcing privileged access controls. In these instances, malicious insiders can seamlessly access sensitive application functions, wreaking havoc if they choose.

Cross-Site Scripting (XSS): XSS—cross-site scripting—enables attackers to inject harmful codes into a page displayed by end users. This vulnerability exists in all web apps, including SaaS applications.

Account Hijacking: When organizations migrate to SaaS applications from their old services, they open themselves to account hijacking.

Social engineering is a preferred method of account hijackers. They’ll leverage unsecured personal devices, moving laterally through the SaaS environment and compromising user accounts.

Personal Information: End users and customers often have personally identifiable information (PII) in a company’s SaaS application. This sensitive data gets exposed during a SaaS application breach, potentially leading to severe legal and regulatory ramifications.

Neutralize Your SaaS App Security Threats With These Best Practices

Bolstering your SaaS app security will - foremost - prevent disastrous consequences for all companies that’d otherwise experience a breach. From the immediate financial losses to the loss of consumer trust, reputational damage, and punitive regulatory implications, plentiful reasons exist to follow our best practices below.

However, there’s no need to harp on the negative.

Heightened cybersecurity practices are good for business, driving profits for organizations that implement them soundly and savvily. Enhancing these internal systems and philosophies correlates with employee retention and improved innovation, both crucial to business growth.

Implement Robust Authentication Practices: The first step toward enhancing SaaS app authentication is investigating the built-in mechanisms offered by prospective vendors. Assess how they manage authentication before purchasing the service.

Various providers offer multi-factor authentication, which effectively reduces account compromise. If your vendor provides this tool, ensure it is enabled.

Furthermore, a few cloud identity provider integrations exist (e.g., Azure Active Directory using OpenID Connect, Open Authorization, or Security Assertion Markup Language). Consider implementing one of these.

Focus On Inventory And Discovery: SaaS apps' exceptional scalability and quick deployment are a double-edged benefit, exposing companies to risk. Mitigate the associated security holes by monitoring unexpected usage with automated tools and manual data and maintaining an accurate service inventory.

Taking inventory will inform company leaders about the primary users of each SaaS app throughout the business.

Utilize Enhanced Data Encryption: TLS (transport layer security) is a favored tool most SaaS apps use to encrypt in-transit data. Typically, your provider will offer a separate encryption tool to protect resting data. Various SaaS app vendors provide default encryption, but you might have to enable it explicitly. Either way, investigate whether your resting data encryption mechanism functions as it should.

Invest In SSPM and CASBs: Consider adding a security control layer to bolster your SaaS app’s built-in system: cloud access security brokers (CASBs). CASBs offer multiple deployment modes (e.g., APIs or proxy) to best suit your architecture. Furthermore, they exceed the scope of built-in SaaS provider tools for control and visibility.

Bolster visibility in a SaaS environment’s security posture with SaaS security posture management systems.

Through automation and robust security capabilities, you’ll better manage the following security aspects with SSPM solutions:

SSPM solutions enhance security management with tools and techniques that optimize, implement, and update SaaS security policies.

These tools review existing SaaS app security controls and how they fare against external cyberattacks and insider threats.

An SSPM offers enhanced threat detection, impressive cyberattack recovery, and heightened security threat mitigation.

Compliance And Regulatory Considerations

Most industries must navigate compliance, regulatory considerations, and security audit procedures, such as:

HIPAA (healthcare).
PCI DSS (retail online payments).
SOX (finance).
GDPR (data protection.

In other words, SaaS security breaches can land your company in hot water with regulatory bodies that can levy severe punishments, including substantial fines.

Avoid the related punitive actions by ensuring your business does the following with all its relevant SaaS apps:

Safeguard sensitive data.
Create logs to monitor user activity.
Ensure your logs possess a complete audit trail.

Conclusion: Mitigating SaaS App Cybersecurity Risks Is Within Your Grasp.

Any business using SaaS applications opens itself to a litany of security risks. Following this article’s best practices will offset these issues, offering peace of mind, preventing costly breaches, and setting your business on a path toward long-term growth.

Matt Verlaque is COO at SAAS Academy

Image: Ideogram

You Might Also Read:

Who Foots the Bill For A Data Breach?:

___________________________________________________________________________________________

If you like this website and use the comprehensive 6,500-plus service supplier Directory, you can get unrestricted access, including the exclusive in-depth Directors Report series, by signing up for a Premium Subscription.