As the world continues to respond to the effect of the COVID-19 pandemic, more organizations have established remote working protocols to slow the spread and promote our safe recovery.
As a result, an increasing number of businesses are choosing software-as-a-service (SaaS) solutions for financial management and the security of their business data. SaaS refers to cloud-based services where individuals and companies can access network applications anywhere from internet-connected devices. Cloud-based solutions offer significant convenience improvements over on-premise software and hardware, but are they safe?
There has been an uptick in cyber threats and online security breaches, according to a recent survey of security professionals. 71% of respondents reported an increase in security threats or attacks since the beginning of the Coronavirus outbreak. At the top of the list, 55% of respondents indicated increased phishing attempts, followed by malicious websites claiming to offer information or advice about the pandemic, declared by 32% of security personnel. Malware and ransomware attacks come in at 28% and 19%, respectively.
Because of the added load on companies, their communication technology, and business networks, security systems are being pushed to their limits. With more people working from home, hackers have more potential points of entry, making company networks attractive targets for cyberattacks.
So… are cloud-based SaaS solutions safe?
SaaS solutions often offer the most reliable protection when compared to on-premise, server-hosted software with the accompanying hardware. In the end, it all boils down to the security standards of your SaaS provider.
Security-focused software vendors can consistently demonstrate a commitment to their customers’ data security through external audits, third-party certifications, service level agreements, and other security protocols.
How can SaaS solutions help protect my business?
-Helps you develop detailed security policies
SaaS and other cloud-based technologies have robust security protocols and require specifics as to who can access certain applications, for what purposes, and under what circumstances.
Your provider is ultimately responsible for managing much of the security on their end, so it’s important to have a detailed plan developed by your internal teams. Be sure to include the SaaS service provider in your project from the start. Make a list of known threats that your company may be exposed to so that your SaaS provider can determine the protection you need.
-Performs security audits regularly and automatically
Organizations often work under tight deadlines to minimize the time taken to complete goals and deliver on customer expectations. By placing such emphasis on production, it leaves less time to focus on security and testing data safeguards.
SaaS service providers typically employ dedicated security teams who perform tests and checks at regular intervals for identifying loopholes and vulnerabilities. Threats are mitigated and removed upon detection giving you access to security that, in the past, only large corporations could afford.
-Data encryption and multi-factor authentication
Data encryption protects the data your company transmits and stores in the cloud as an added line of defense against hackers gaining access to your data and sensitive information.
While SaaS providers offer data encryption, you should still incorporate proven internet security measures, such as antivirus software and implementing password requirements that ensure strong passwords.
Multi-factor authentication (MFA), sometimes referred to as two-factor authentication or 2FA, is a security enhancement that verifies an employee’s identity by requiring multiple credentials. Put simply, 2FA offers another layer of access security that places more obstacles between a potential hacker and your network.
It is recommended to use MFA whenever it’s possible, principally as it applies to your most sensitive data such as email, financial accounts, and other protected information. Some organizations require MFA, but it’s often regarded as an afterthought or put on a to-do list since it requires a proactive step to enable-don’t let this added security feature remain disabled.
During these turbulent times dealing with this pandemic, added pressure and the reliance on working remotely has attracted the attention of cybercriminals all over the world. Organizations who strengthen their cybersecurity strategy by partnering with SaaS providers do so for convenience, but also for the safety of customer and financial data. Stay alert and stay protected; the cloud is safer than you think.