With the emergence of the SaaS model, most software vendors have begun moving their products to the cloud. Some popular SaaS applications are Microsoft 365, Adobe Creative Cloud, Cisco Webex, etc. Unfortunately, companies and organizations are also exposed to various cybersecurity risks. New malware variants and phishing attacks are on the rise, and companies should take proper steps to ensure that their data is secured. In this blog, let us look at why it is important to secure your SaaS applications for increased efficiency.

  • Eliminates the risk of Cybersecurity:

Securing SaaS applications is a must in today’s competitive landscape. Securing them is essential to avoid costly and damaging cyberattacks and stay ahead of your competitors. As an integral part of your organization’s business strategy, they’re your window to success. Ensuring that they’re secure will protect your employees, customers, and organization while delivering more value to your end-users.

Securing SaaS applications is not as simple as securing your company’s servers. Although cloud-based providers are responsible for most of the security, these companies can’t be responsible for the vulnerabilities of their applications. Besides, the cloud provider doesn’t provide the protection necessary to secure your business’s data. It’s your responsibility to ensure that your SaaS applications remain secure and prevent data breaches.

  • Data Retention:

One of the most crucial aspects of SaaS application security is data retention. Many SaaS applications lack this feature, so businesses need to define a policy about how long they want to keep customer data. This is especially important if the application is used for subscriptions or account management. Some data must be retained for specific periods by law, and others aren’t.

  • Data Compliance & Regulations:

In addition to protecting users, companies should also ensure that their systems are secure. GDPR, PCI DSS, and HIPAA/HITECH standards are just some of the regulations that govern the security of SaaS applications. To protect the privacy and integrity of customer data, companies should implement policies that allow them to control the actions of other teams. This is a crucial step in securing your SaaS applications.

SaaS applications are a complex, multifaceted system of record for businesses. They contain sensitive information, including customer data, source code, and human resource information. Consequently, security teams must be aware of their role in these applications and take the necessary steps to protect them. In addition to the importance of securing the application itself, SaaS providers should be transparent about the security model they use and the security features they include in their services.

How to prevent Internal & External Security Risks?

The main challenges of SaaS applications include internal and external security risks. Often, security teams have only limited interaction with the business units using the SaaS application. Moreover, their limited interaction with the application means that they cannot determine the present risks and threats. As a result, their ability to secure SaaS applications is limited. So, how do they secure them?

Often, SaaS applications store sensitive information such as credit card numbers. Since cybercriminals may steal this information, it is essential to secure this data. By securing SaaS applications, companies can ensure their users’ privacy and maintain the integrity of their data. If a user’s credentials are compromised, the company could face hefty financial and legal liabilities. When a security incident occurs, the two parties must have a plan for responding to it.

It is critical to secure these applications to prevent data breaches and protect sensitive information. A study by CyberArk found that 73% of companies have a critical security misconfiguration. Sixty per cent of data breaches were caused by default or weak passwords. As a result, companies must take a proactive approach to secure their SaaS applications. It is crucial to have complete visibility of incidents and monitor and control administrative users’ activities.

Conclusion:

While many organizations take the proper steps to secure SaaS applications, most do not adequately prepare their teams for this type of environment. Taking a preventative care approach is essential, as any potential security problem could result in colossal downtime, compromising your business. Fortunately, there are many ways to secure SaaS applications. If you are worried about these risks, the right tools can help. And for that, you should definitely take a look at ONPASSIVE today and get the right tools to help secure your business applications.