Understanding SaaS security for your Business

Today is the era of internet and cloud-based technologies where technology is within reach of the technical as well as the non-technical teams of an organization. Software-as-a-Service or SaaS is an on-demand, cloud-based software delivery model that allows businesses and organizations to make use of applications they require without actually purchasing or hosting them in their physical systems.

It prevents the organizations from investing in servers or other high-end expensive machines or software and their maintenance. Instead, a SaaS provider does all these tasks on behalf of the companies and charges as per the usage.

SaaS is a great choice for businesses, but the potential vulnerabilities and how to secure these services remain a problem for all the SaaS firms or entrepreneurs who aim to build a SaaS application in the future.

What is SaaS Security?

When you think of purchasing a new SaaS-based solution for your company, the most critical factor to consider is the security of your opting service. Ironically, one of the most overlooked aspects of these businesses and enterprises is security.

70% of the organizations that host their data in the cloud are victims of cybercrime. This figure speaks for itself to realize how indispensable it is to evaluate a SaaS solution for procurement..

SaaS security is the protection of client privacy and data associated with cloud services. The main aim is to safeguard the business logic and the sensitive data in motion from interception and tampering.

Importance of SaaS Security

$113.1 billion would be the revenue generated by SaaS alone by the end of the year 2021, as predicted by experts. However, the only problem is SaaS Security and the lack of awareness amongst the customers.

No business owner wants to be held responsible for opting for a cloud-service provider or vendor who puts the company's mandatory compliances and standards at high risk, leading to a security breach.

The cloud vendors comply with all the necessary regulations and protect your system, but one should never solely depend on their security protocols. It is an added advantage to have your own SaaS security check of the system before making a deal. The security gaps might lead to loss of revenue and trust of the customers of your business. 

Read More: What are Cloud Technologies and How They Help Business in 2021

Today’s SaaS Security threats to online businesses

SaaS security is a major concern for all new and old businesses using SaaS Solutions due to several potential risks associated with it. These risks include risk of data leakage, phishing activities, taking over accounts, gaps in security configurations, and so on.

Some of the most common threats are as follows:

1. Account Takeovers: The hacker can steal the employees' credentials working in the organization and get into the system to steal the business logic or the data or attack the web application's functioning.
2. Data access risk: Sensitive data and privacy are among the most common risks associated with SaaS. Every organization has loads of personal information involved in businesses, and this data is the most vulnerable to outside attacks.
3. Lack of Identity Management: Misconfigurations in assigning employees' roles to access the sources of business open doors for hackers to get into the system without any effort.
4. Flaws in Service Level Agreement: Service level agreements are the most crucial document between the vendor and the customer. Lack of robustness in the SLA makes it challenging to hold the culprit accountable in an attack.
5. Compliance of standards: Companies and organizations often fail to follow and comply with the organizations' rules and regulations that often becomes a concern for the enterprises that are using SaaS solutions.
6. Internal threats: Employees can also be a reason for potential risk. An unaware team of employees who use weak passwords, neglect the security practices and security protocols, or share credentials with other individuals is also a significant threat.

SaaS Security Checklist

To successfully implement and comply with the regulations and security standards of your SaaS-based applications, it is not only necessary to analyze and understand the potential vulnerabilities but to follow remedies to keep your application safe from the risks.

Here is a list of steps you can take to ensure SaaS security:

1. Train and educate your employees.
2. Hire security professionals for your firm.
3. Train and make your customers aware of the security regulations.
4. Implementation of Data deletion policy of customer data.
5. Encryption of sensitive data.
6. Including security as a part of the Software Development Life Cycle (SDLC).
7. Integrate real-time monitoring of your web application.
8. Keep a check on compliance with mandatory standards and penetration testing reports shared by the auditor.

Final remarks

89% of the companies use SaaS-based applications worldwide, and the numbers are expected to grow higher in the coming years. Businesses must understand the need and importance of SaaS security and be well prepared to migrate to the cloud or protect their already hosted applications.

Businesses may consider implementing the SaaS security procedures themselves or hire a security professional who can help them take care of it.