Business operations have been transformed by software-as-a-service (SaaS). It provides comfort, scalability, and effectiveness. There is no need to transfer software across devices anymore. In the cloud, collaboration is simple for everyone.
However SaaS also has potential risks in addition to its advantages. Software and data are more prone to threats when they are online. Ransomware is one of the most recent threats to migrate from endpoint devices to the cloud.
For a time now, ransomware has been assaulting computers, servers, and mobile devices. Yet, there has been a worrying increase in SaaS ransomware assaults recently.
SaaS attacks grew by more than 300% between March and May of 2023. 51% of ransomware attacks in 2022 were discovered to target SaaS data, according to a report by Odaseva.
In this article, we’ll delve into what SaaS ransomware is and the risks it poses. And, most importantly, how you can defend against it.
What is SaaS Ransomware?
SaaS ransomware is also known as cloud ransomware. It is malicious software intended to target cloud-based services and apps. They include services like Google Workspace, Microsoft 365, and other cloud collaboration platforms.
Several cloud-based systems’ vulnerabilities are used by the attackers. Then the ransomware encrypts important data. Users are essentially locked out of their own accounts. The data is being held hostage by cybercriminals. They then make a ransom demand, frequently in the form of digital currency. The decryption key is given in return for the ransom.
The Risks of SaaS Ransomware
The cybersecurity environment has become even more complicated as a result of SaaS ransomware. It poses a number of threats to people and businesses.
- Data Loss: The loss of crucial data poses the greatest immediate risk. Your cloud-based programs and files are no longer accessible. This may result in a halt in productivity.
- Reputational Damage: A successful SaaS ransomware attack can harm the reputation of your company. Consumers and business partners can stop having faith in your abilities to protect their data. Your brand’s reputation can suffer as a result.
- Financial Impact: Data recovery is not always possible even after paying the ransom. It can motivate attackers to come after you once more. Also, the expense of downtime and recovery operations may be high.
Defending Against SaaS Ransomware
As the saying goes, prevention is better than cure. The key to combating SaaS ransomware is proactive defense. Here are a few sensible measures you may take to safeguard your company from these dangers.
Educate Your Team
Start by informing your employees of the risks of SaaS ransomware. Provide information about how malware spreads via phishing emails, dangerous links, or compromised accounts. Teach them to spot suspicious activities and to report any strange occurrences right away.
Enable Multi-Factor Authentication (MFA)
MFA is an essential security measure. To access accounts, users must provide an additional form of authentication. Frequently, a one-time code is issued to their mobile device in this case. The risk of unwanted access is decreased when MFA is enabled. This is accurate even if a hacker steals login information for an account.
Regular Backups
It’s critical to regularly backup your SaaS data. You still have access to your data in the event of a ransomware attack. You can recover your files if you have current backups. You won’t have to pay the ransom demanded by the attacker.
Apply the Principle of Least Privilege
User permissions should only be granted for necessary tasks. Observe the least privilege principle. This entails granting users the fewest rights necessary for their position. By doing this, you limit the possible harm that an intruder could cause if they manage to get access.
Keep Software Up to Date
Make sure to maintain the most recent versions of all software (SaaS applications, operating systems, etc.). The most recent security fixes must be installed. Frequent updates increase your defense by closing known vulnerabilities.
Deploy Advanced Security Solutions
Consider using third-party security solutions that specialize in protecting SaaS environments. These solutions can provide many benefits. Including:
- Real-time threat detection
- Data loss prevention
- Other advanced security features
Track Account Activity
Set up thorough network traffic and user activity monitoring. Unknown behavior could be a sign of an attack before it happens. A warning sign to look out for is a pattern of failed login attempts. Access from unusual locations is another.
Develop an Incident Response Plan
Create and test an incident response strategy. It should provide instructions on what to do in case of a ransomware attack. An effective response can lessen the effects of an occurrence. It may also help with a quicker recovery. The quicker business can resume normal operations, the quicker your team can react.
Don’t Leave Your Cloud Data Unprotected!
SaaS ransomware is a significant cybersecurity concern. The best defense is a good offense. Do you need help putting one together?
Our team can help you stay ahead of the cyber threats that lurk in the digital world. Give us a call today to schedule a chat.