Cybersecurity is crucial for any company. In fact, the pressure is getting greater as users access more technology, and the growth of smartphones and tablets has made this problem even worse. For SaaS businesses, the security of their customer data is one of their top priorities. But that doesn’t mean they need to pay a fortune to secure it. Here are 5 ways SaaS companies can reduce their cybersecurity costs.
In fact, our clients actually devised these strategies to save 5x on their cybersecurity costs.
1.Prioritize The Prevention Of Cyberattacks
SaaS founders tend to focus on hiring a cybersecurity specialist only when they feel there’s a vulnerability in their system. This is not a recommended strategy since you will need more money and time to detect and fix a vulnerability than to prevent it.
In our experience working with many reputed SaaS companies worldwide, bringing on board a dedicated cybersecurity team to prevent the possibility of a cyberattack is a more efficient way to manage the safety of your digital assets. Plus, it helps you save money and time. Better safe than sorry is the best equation your SaaS business can adopt now.
2. Hire A Professional Cybersecurity Team
One of the mistakes SaaS companies make is trying to set up an in-house cybersecurity team. Since cybersecurity is a vast domain that demands different types of skills – from hacking to coding, it’s more expensive to hire people for each skill. In most cases, your budget won’t be enough to cover their salaries. This is because you will need to pay each team member separate salaries.
On the other hand, hiring a third-party cybersecurity team can save you up to 5x on costs and reduce cybersecurity risks, keeping your business safe. At Wattlecorp, we offer all-around cybersecurity services customized to the needs of SaaS companies dealing with different types of data.
3. Understand Your Cybersecurity Requirements
Before you think of implementing a solid cybersecurity plan for your SaaS business, take time to assess your cybersecurity requirements. This will help you understand where will you need to invest your money. To do that you can proactively seek the help of a cybersecurity consultant. It will give you a clear idea about the goals of your cybersecurity efforts.
When you know the requirements, you will be able to spend your money wisely on the tools and technologies you need to build your cybersecurity strategy.
4. Conduct Yearly Risk Assessments
SaaS founders and C-suite executives often get super busy that they don’t find enough time to run yearly cybersecurity risk assessments. This is one of the grave mistakes they make since it impacts their business, costing them money and time.
However, conducting regular risk assessments can help you spot the vulnerabilities in your system, determine new security requirements and take preventive measures. Hiring a cybersecurity team will let you run standardized risk assessments and eliminate any possibility of a potential vulnerability.
5.Educate Your Employees
A single data breach can put your SaaS business at risk, causing a massive dip in revenue, number of customers, and brand reputation. And the average cost of a data breach is about $3.92 million.
Here’s a shocking fact:
A whopping 82% of data breaches happen due to human error. A human error can be anything – from making a mistake while working on a task to failing to follow a standard procedure.
The only way to prevent or reduce the risk of data breaches due to human error is by educating your employees on cybersecurity best practices. You can conduct regular cybersecurity training for your team to help them learn the important aspects of managing and using data.
Hire cybersecurity experts to train your employees and make them aware of possible risks associated with mishandling data. This will drastically reduce the chances of cybersecurity breaches arising from human error. For example, our Annual Security Program helps your in-house developers write clean and vulnerability-free code.
Reducing the cost of your SaaS cybersecurity efforts is easy when you have a dedicated third-party cybersecurity that offers varying expertise to offer you a seamless way to keep your digital assets safe. At Wattlecorp, we have helped many SaaS founders build foolproof cybersecurity solutions. If you have a requirement, feel free to reach out to us now.