A chain is as strong as its weakest link.
Likewise, your SaaS product is as secure as its most vulnerable part.
Do you know?
A single data breach can cost companies $200,000 on average and sometimes it’s more than enough to shut your business down.
Your SaaS product could be perfect, but it’s one breach away from failure.
Once lost, the trust your customers put in your product could never be reinstated into its former shape.
Technological advancements like cloud environments make everything easier for SaaS product founders but also provide ample room for vulnerabilities.
Getting a clear idea about different security challenges affecting your SaaS will be crucial in tackling them effectively.
This blog will help you understand the top five security challenges faced by SaaS products and how to avoid them.
Let’s get started.
1. Data breach
We’ve recently seen how Meta-owned Facebook’s shares plummeted due to data breaches.
As a SaaS product, you collect different information from users. To keep them intact is a Herculean task amidst the alarming levels of cybersecurity threats.
A single data breach can cost millions of dollars.
2. Accessibility risks
Today, users can access SaaS products from anywhere anytime. It adds to your users’ convenience but is prone to security risks.
With the influx of smartphone users, the risks are even bigger.
In addition, cloud-driven data storage provides lesser control over data. You can’t determine who has what type of access to your data.
3. Third-party risks
As a SaaS product, you’re more likely to associate with third parties in your supply chain. For example:
You might be storing crucial information such as publicly identifiable information (PII) and other sensitive data of your customers in the cloud.
But one data leak can expose your users’ information to potential hackers.
4. Zero-day vulnerabilities
Zero-day vulnerabilities are certain unpatched vulnerabilities unknown to your developers.
They are hard to spot and provide an easy way for cybercriminals to attack your business. If they remain unknown, they can cause great damage by massively disrupting your operations.
5. Ransomware attacks
Ransomware attacks happen when cybercriminals steal or breach your data and demand a ransom in exchange for your data. They keep control of your data until the ransom is paid.
In 2020, businesses paid $18 million as ransom. With the transformation of businesses to cloud environments, ransomware attacks are set to increase.
How to avoid SaaS Security Challenges
With new technologies kicking in, cybersecurity issues are also evolving. Today, cybercriminals are equipped with advanced setup and resources to breach an organization’s data security.
If you don’t take the right steps to reinforce the security of your SaaS product, you will be at the receiving end.
Here are some actionable tips to tackle and avoid every security hurdle that comes your way:
● Conduct regular security audits to find and alleviate any possibilities of a data breach.
● Deploy vulnerability & compliance management tools for identifying the loopholes in your system.
● Hiring a specialist cybersecurity team or outsourcing cybersecurity to ensure that your data remains intact. This team will only focus on your security tasks and acts like a vigilante who saves your digital assets.
● Timely data deletion will help you drastically reduce the risks of a data breach. But maintain all the relevant data.
● Proper compliance with globally approved standard security regulations will help you strengthen your asset’s security.
● Deploy foolproof data encryption to improve transparency and integrity of data.
How does Wattlecorp help you?
Cybercriminals and cybersecurity experts lock horns like Thanos & The Avengers. Your SaaS company could be just a snap away from being reduced to just atoms!
And only an equally experienced or superior hacker can mitigate the threat posed by another hacker.
At Wattlecorp, we have assembled a team of cybersecurity experts, consultants and top-tier hackers to protect your digital assets. Just like the Avengers. So, we do whatever it takes to keep your digital assets safe.
Over the past few years, we have worked with several SaaS companies like yours & helped them mitigate many cybersecurity threats faster, saving them millions of dollars.
Want to level up the security of your SaaS brand? Get in touch with our experts today. Book your call now