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SaaS security has become essential for enterprises as their application portfolio grows. A recent survey by IBM reports that 25% of executives cite security concerns as their primary cloud challenge.
McKinsey & Company also projects that cyberattacks will cost companies $10.5 trillion annually by 2025, a staggering 300% increase from 2015. All these go to show how crucial SaaS security is.
Without strong SaaS security measures, your company will face significant risks. These include data breaches, which affected 39% of businesses in 2023, and account hijacking, which saw a 354% year-over-year increase in Q2 2023.
You may also struggle with SaaS sprawl, regulatory compliance challenges, integration vulnerabilities, and the pervasive threat of shadow IT.
These issues and a shortage of IT security professionals show the critical need to focus on proper SaaS security measures in 2024, which is the topic of this article.
Why You Should Not Overlook SaaS Security Measures
As stated, SaaS security should be one of your priorities, and these are the reasons you should not overlook it:
1. You Could Struggle with Shadow IT
Shadow IT is the use of unauthorized applications within your organization. When you overlook SaaS security measures, you risk losing control over the apps your employees use.
65% of SaaS apps in use are often unsanctioned, meaning your IT department hasn't approved them.
This lack of oversight exposes your company to significant security risks. Unapproved apps may not meet your security standards, potentially leading to data breaches or compliance violations.
Moreover, your IT team can't protect what they don't know exists, leaving your sensitive information vulnerable to cyber threats.
2. You Might Fall Victim to Account Hijacking
Account hijacking poses a severe threat to your SaaS security. Your employees may use weak passwords or share credentials without proper security measures.
This could make it easier for cybercriminals to gain unauthorized access. Once an account is compromised, attackers can steal sensitive data, manipulate information, or use your systems maliciously.
This breach jeopardizes your company's data, damages your reputation, and could lead to significant financial losses.
3. You Could Face Regulatory Compliance Issues
SaaS technologies are relatively new, and compliance standards vary across industries and countries. If you overlook security measures, you risk using SaaS tools that don't comply with international regulations or industry standards.
This oversight can result in severe consequences, including hefty fines, legal action, and loss of customer trust. For instance, failing to meet GDPR requirements in Europe could cost you up to €20 million or 4% of your global annual turnover, whichever is higher.
Therefore, prioritizing SaaS security is crucial to ensure compliance and avoid these potentially devastating outcomes.
4. You May Struggle with Integration Vulnerabilities
Third-party software integrations can become a gateway for cybercriminals if not adequately secured. Alarmingly, over 89% of third-party apps connected to Google Workspace can access confidential SaaS data despite presenting high or medium levels of risk.
If you overlook SaaS security measures, you expose your organization to potential data breaches through these integration points.
Cybercriminals can exploit these vulnerabilities to gain unauthorized access to your systems, potentially leading to data theft, system disruptions, or even ransomware attacks.
5. You Could Encounter Data Breaches and Insider Threats
Data breaches are one of the most significant challenges in cloud computing. Neglecting SaaS security measures increases your risk of being a victim of these breaches.
Insider threats, whether intentional or accidental, can also compromise your data security. Without proper access controls, data encryption, and monitoring systems, your sensitive information becomes an easy target for external attackers and internal misuse.
The consequences of a data breach can be severe, including financial losses, reputational damage, and loss of customer trust.
6. You Might Struggle with SaaS Sprawl
SaaS sprawl occurs when your organization uses more SaaS tools than necessary. In 2022, organizations used an average of 130 SaaS apps - 18% more than in 2021.
This proliferation of apps creates a complex environment that's difficult to manage and secure. When you overlook security measures, you may lose track of which apps can access your data and who within your organization is using them.
This lack of visibility increases your attack surface, making identifying and mitigating potential security threats harder. Additionally, managing and securing many apps requires more resources, potentially straining your IT team and budget.
6 SaaS Security Measures To Know in 2024
To mitigate the risks associated with SaaS security, you have to implement the following security measures. These strategies will help protect your organization's data, maintain compliance, and ensure the safe use of SaaS applications.
1. Implementing Strong Identity and Access Management (IAM)
Identity and access management (IAM) is a framework of policies and technologies that ensure the right individuals access the right resources at the right times for the right reasons. Implementing a robust IAM system is crucial for SaaS security.
Multi-factor authentication (MFA): MFA adds an extra layer of security by requiring users to provide two or more verification factors to gain access to a resource.
You can implement MFA by requiring a combination of something the user knows (password), something they have (security token), and something they are (biometric verification).
This significantly reduces the risk of unauthorized access, even if passwords are compromised.
Role-based access control (RBAC): RBAC assigns access permissions based on a user's role within your organization. To implement RBAC, define roles within your company and assign appropriate permissions to each role.
This approach minimizes risks by ensuring employees only have access to the resources necessary for their job functions, reducing the potential impact of a compromised account.
Single sign-on (SSO): SSO allows users to access multiple applications with one login credentials. Implement SSO by integrating a central authentication system with your SaaS applications.
This enhances security by reducing password fatigue and improving user experience and productivity.
2. Enhancing Data Encryption
Data encryption is converting data into a code to prevent unauthorized access. Enhancing your encryption practices is vital for protecting sensitive information in SaaS environments.
In-transit and at-rest encryption: Ensure your data is encrypted during transmission (in-transit) and storage (at-rest).
Implement transport layer security (TLS) for in-transit encryption and use robust encryption algorithms like AES for data at rest. This approach protects your data from interception during transfer and unauthorized access in storage.
Advanced encryption standards: Utilize the latest encryption technologies and standards. For instance, adopt AES-256 encryption, which offers a high level of security.
Stay informed about emerging encryption standards and update your systems accordingly to maintain robust protection against evolving threats.
Key management practices: Effective management of encryption keys is crucial to prevent unauthorized access.
Implement a secure key management system that includes regular key rotation, safe storage of keys, and strict access controls to essential management tools.
This ensures that even if data is compromised, it remains unreadable without the proper decryption keys.
3. Regular Security Audits and Assessments
Security audits and assessments are systematic evaluations of your SaaS stack's security. Regular audits help identify vulnerabilities and ensure compliance with security standards.
Vulnerability scanning: Conduct routine scans of your SaaS applications to identify potential vulnerabilities.
Use automated scanning tools like CloudEagle to check for known vulnerabilities, misconfigurations, and outdated software regularly. Address any identified issues promptly to maintain a secure environment.
Penetration testing: Perform penetration tests to identify and address security weaknesses. Engage ethical hackers or use penetration testing tools to simulate real-world attacks on your SaaS infrastructure.
This approach helps you discover and fix vulnerabilities before malicious actors can exploit them.
Compliance audits: Ensure compliance with industry regulations and standards through regular audits.
Develop a compliance checklist based on relevant standards (e.g., GDPR, HIPAA) and conduct periodic internal audits. Consider engaging third-party auditors for an unbiased assessment of your compliance status.
4. Embracing a Zero-Trust Security Model and PoLP
The zero-trust security model operates on the principle of "never trust, always verify," while the principle of least privilege (PoLP) ensures users have only the minimum levels of access necessary to perform their jobs.
To embrace these models, assume that no user, device, or network is trustworthy by default. Implement strict authentication and authorization processes for all access requests, regardless of the user's location or network.
Review and adjust user permissions regularly to ensure that each user has only the access they need for their current role. This minimizes the potential damage from compromised accounts and insider threats.
5. Continuous Monitoring and Threat Detection
Continuous monitoring and threat detection involve real-time surveillance of your SaaS portfolio to quickly identify and respond to potential security threats.
Real-time monitoring: Implement tools for continuous monitoring of your SaaS stack. Utilize solutions like CloudEagle to gain visibility into user activities, data access patterns, and system performance.
Set up alerts for suspicious activities or policy violations to enable quick responses to potential threats.
Behavioral analytics: Use analytics to detect unusual activities and potential threats. Implement machine learning-based tools to establish baselines of normal user behavior and flag deviations. This helps identify sophisticated threats that might evade traditional security measures.
Incident response plans: Establish and practice incident response procedures. Develop a clear, step-by-step plan for addressing security incidents.
Conduct drills regularly to ensure your team can respond effectively to various scenarios and minimize the impact of security breaches.
6. Employee Training and Awareness Programs
Employee training and awareness programs educate your staff about security risks and best practices, creating a human firewall against cyber threats.
Regular training sessions: Conduct ongoing security training for employees. Develop a comprehensive curriculum covering password hygiene, data handling procedures, and recognizing social engineering attempts. Hold sessions quarterly to keep security top-of-mind and update employees on new threats.
Phishing simulations: Run phishing simulations to educate employees on recognizing threats. Use tools to send fake phishing emails to your staff and track responses.
Use the results to provide targeted training to those who fall for the simulations. This will enhance overall organizational resilience against phishing attacks.
Security best practices: Promote a culture of security awareness and best practices. Integrate security considerations into daily operations by creating and enforcing clear security policies.
Encourage employees to report suspicious activities and reward security-conscious behaviors to foster a security-first mindset across your organization.
Conclusion
Implementing these SaaS security measures is crucial for protecting your organization's data and maintaining compliance.
To enhance your security posture further, consider using CloudEagle. This tool provides complete visibility into your SaaS stack, enabling you to identify potential vulnerabilities and manage access effectively.
CloudEagle's identity management capability allows you to seamlessly integrate with SSO systems, significantly bolstering your overall security framework.
By leveraging CloudEagle, you can streamline your SaaS management processes while strengthening your security measures.
Take the next step in safeguarding your SaaS stack: book a demo with CloudEagle today to experience firsthand how it can transform your organization's SaaS security strategy.
Frequently Asked Questions
1. What is SaaS-based security?
SaaS-based security refers to security measures designed explicitly for cloud-based software applications. It involves protecting data, users, and infrastructure within the SaaS stack.
2. What are the layers of SaaS security?
SaaS security layers typically include application security, data security, network security, and user access management.
3. What is SaaS security posture management?
SaaS security posture management involves continuously monitoring, assessing, and improving your organization's security stance across all SaaS applications. It aims to identify and mitigate risks proactively.
