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Unleashing the Dark Side of SAAS: Protect Your Business from SAAS Ransomware!

By Squaretech Perth | Thu, 02-Nov-2023 05:15

Software as a Service (SaaS) has dramatically revolutionized how firms work in today's digital world by delivering unparalleled flexibility and convenience of company operations. However, this convenience comes with a significant risk: SaaS ransomware.

SaaS ransomware has emerged as one of the most devastating cyber-attacks afflicting many firms that use the SaaS ecosystem. Ransomware has long been a global problem. According to a figure in Canada's Cyber Threat Bulletin, global ransomware assaults climbed by 151% in the first half of 2020. Another global survey conducted by Odaseva found that 52% of SaaS ransomware assaults were successful.

This stealthy attack targets cloud-based applications and services, exposing enterprises to data loss and destruction. As a result, businesses must develop vital precautions with the assistance of a managed security service provider to defend against SaaS ransomware assaults.

Understanding SaaS Ransomware

SaaS ransomware is a harmful cyber-attack that has gotten more sophisticated in recent years. This type of cyber extortion has becoming more common as cloud computing and SaaS software have grown in popularity.

The assault mechanism of SaaS ransomware makes it a difficult and ultimately destructive type of cyber-attack. Unlike traditional ransomware, which encrypts local files on a victim's PC, SaaS ransomware infiltrates cloud-based programs and their surroundings, rendering essential and sensitive company data unavailable.

Due to cybercriminals' use of modern technologies and strategies to attack vulnerabilities, companies must have a complete and up-to-date understanding for successful protection.

The Repercussions of a SaaS Ransomware Attack

The effects of a SaaS ransomware assault on a business are disastrous. The following are some of the most serious outcomes of SaaS ransomware:

Data Loss

Businesses rely significantly on data; losing or stealing access to that data due to SaaS ransomware may be fatal. Loss of access to this information can result in a loss of trust, customer loss, reputational harm, and a competitive advantage.

Business Disruption and Downtime

The outage is the result of a SaaS ransomware attack. This is because hackers encrypt key data after obtaining illegal access to it, creating interruptions to ordinary corporate activities. Employees may be unable to access email systems, critical apps, cloud-based tools, and other important data during the outrage which could cause delays in the finalizing of the project, or services to client.

Financial Needs

After entering the SaaS environment, the cybercriminal demands a ransom in exchange for decrypting the data. Ransom fees are usually hefty, and failing to pay the ransom will result in data leaking or worse. 

However, it is important to note that paying the ransom does not guarantee the release of the data, and the attackers may feel empowered to attack the same business again if they have initial access.

Consequences Legal and Regulatory

If a customer's or other sensitive data is compromised as a result of a SaaS ransomware attack, the firm may face significant legal and regulatory ramifications. This might result in excessive fines, many lawsuits, and a loss of confidence from stakeholders.

Preventing SaaS Ransomware Attacks

With SaaS ransomware assaults on the rise, your company and your SaaS provider must take proactive security measures to avoid an attack.

Employee Education and Training

Employees are the first line of protection against any cyber danger, just as they are the first line of attack in any cyber-attack owing to their susceptibility. One of the most significant strategies to avoid SaaS ransomware attacks is to educate your staff.

Conduct monthly cybersecurity training and awareness programs to educate your staff on the newest cybersecurity threats, shadow SaaS, how to spot and prevent phishing attempts, zero-click malware, password best practices, and what to do in the case of ransomware or any other type of cyber-attack.

This makes employees to become the first line of defences.

Use Multi-Factor Authentication (MFA).

One of the most effective cybersecurity methods available today is multi-factor authentication. Although it is not without flaws. It guarantees that apps with it are significantly more safe than without it.

Using multi-factor authentication across all SaaS services provides additional security during login attempts. With MFA enabled, users must give two types of verification methods.

  • Password and username
  • OTP, Email codes, physical key, or authenticator app.

Because of the inability to offer the second verification element, even if a cybercriminal acquires the login credentials (username and password), getting illegal access is difficult.

Perform regular data backups

While data backup cannot be considered a preventative measure against SaaS ransomware attacks, backing up your data on a regular basis helps your organization avoid paying the ransom, as you will be able to restore all data stolen or lost in the event of an attack, resulting in little to no operational downtime.

Ensure that your backup data is clean, up to date, and securely kept in a different environment away from the core SaaS services.

Enforce encryption and restrict access.

Any complete cybersecurity plan must include encryption of critical data and strong access controls. You can ensure that even if attackers overcome your defenses, the stolen data stays incoherent and unusable by encrypting data at rest and in transit.

Employees at all levels should also have limited access to sensitive data unless it is absolutely essential to fulfill their duties. This lessens the effect of an insider threat or prospective breach by reducing the attack surface.

Analyzing and Monitoring

Continuous monitoring and analysis of SaaS programs, traffic, and user activity can aid in the prevention of ransomware. Suspicious behaviors and strange patterns inside the SaaS environment may be recognized and avoided instantly using advanced threat monitoring and analysis technologies, as well as the assistance of a competent IT service provider. Furthermore, real-time identification can greatly lessen the damage of an ongoing assault.

Having a Plan for Incident Response

Create a well-defined and detailed incident response strategy outlining the steps to follow in the case of a SaaS ransomware attack. This strategy should include specific methods for identifying, containing, and eliminating ransomware. It should also contain a well-thought-out communication strategy for informing key stakeholders, staff, and consumers about the issue.

Conducting regular security audits

Regular security audits are necessary regardless of whether you have a strong security posture in place. In addition to penetration testing, execute these audits on a regular basis to detect and remediate any vulnerabilities in the SaaS ecosystem. Working closely with cloud service providers to ensure that security updates and patches are delivered as soon as possible can also improve overall security posture.

SquareTech Perth IT Services will protect your SaaS against SaaS Ransomware.

We offer a comprehensive range of critical cybersecurity solutions to protect your cloud-based and SaaS environment from SaaS ransomware and other attacks.

Contact us today to see how we can help protect your company.

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