In recent years, Software-as-a-Service (SaaS) has emerged as a dominant business model, allowing companies to access and use software applications without the need for on-premises installation or maintenance. However, with the convenience and flexibility of SaaS also comes the challenge of securing sensitive data and information. According to the findings of a study that IBM commissioned, the average cost of a data breach in the year 2020 was estimated to be $3.86 million, and it took an average of 280 days to discover and contain a breach. In this blog, we will explore the best practices for SaaS application security.
SaaS is driving the economy
The SaaS business model has become a driving force behind the economy. According to Fortune Business Insights, the global Software as a Service (SaaS) market size is projected to grow from $251.17 billion in 2022 to $883.34 billion by 2029, at a CAGR of 19.7%.With such growth, it becomes critical to ensure that SaaS applications are secure and protected from various cybersecurity threats.
The rudiments of SaaS security
SaaS security is essential to keep your organization’s sensitive data and information safe from hackers and other cyber threats. It is essential to have an understanding that the customer and the cloud service provider each bear a portion of the responsibility for the cloud’s security. The provider is responsible for securing the infrastructure while the customer is responsible for securing their data and application.
Best SaaS security practices
Below are the eight best SaaS security practices to help organizations secure their sensitive data and information.
Create cloud apps
Organizations must design cloud applications with security in mind. It is important to leverage security solutions like encryption, two-factor verification and data loss prevention to secure the application.
When creating cloud applications, software developers should keep security in mind throughout the entire process of software development life cycle. This includes performing threat modeling and security testing, implementing security controls such as encryption and access controls, and ensuring that the software system is designed to be scalable and resilient.
SaaS certifications and compliance understanding
It is important to understand the certifications and compliance requirements that apply to SaaSsolutions. Organizations must ensure that their SaaS provider has the necessary certifications and compliances, such as SOC2, ISO27001, and GDPR, to ensure that their data is secure.
Define SaaS policies
It is important to define policies around data retention, access control, and user privileges. These policies must be communicated and enforced to all employees and third-party vendors who have access to the software. These policies should cover topics such as data classification, data retention, and acceptable use. Employees should be trained on these policies and should understand their responsibilities when using SaaS software.
Automatic identity management
Identity and access management (IAM) is critical for securing SaaS applications. Automated IAM solutions can help to ensure that users have the appropriate level of access to SaaS software and can help to prevent unauthorized access. IAM solutions can also help to streamline the user onboarding and offboarding process. Organizations should use automated identity management solutions to ensure that only authorized users have access to the application.
Multi-factor authentication
Multi-factor authentication (sometimes abbreviated as MFA) is an effective tool for protecting SaaS software from unauthorized use. To take use of MFA, users must provide several pieces of authentication, such as a password and a security token or biometric data. Attackers will have a much harder time breaking into SaaS apps, even if they manage to get their hands on a user’s password, as a result of this adjustment. Using multi-factor authentication increases the security of the login process, making it more difficult for hackers to obtain access to the software.
Privileged management
Privileged management is the process of limiting access to sensitive data and information to only authorized personnel. This practice ensures that only the right people have access to sensitive data and information. Privileged users, such as administrators, have access to sensitive data and functionality within SaaS applications. Privileged management solutions can help to ensure that these users are authorized and have the appropriate level of access. Privileged management solutions can also help to monitor privileged user activity and detect any suspicious behavior.
Endpoint security consideration
Endpoint security is the practice of securing the devices that have access to the SaaS system. Organizations should ensure that all devices accessing the application have the necessary security software installed. It is advised to use endpoint protection tools, such as anti-virus and anti-malware software, to protect against threats.
Segregation of duties (SOD)
Segregation of Duties (SOD) is the practice of dividing responsibilities between different individuals to prevent fraud and errors. Organizations should ensure that employees do not have access to more data than necessary and that access to sensitive data is limited. Monitor and review access to SaaS applications to ensure that users are not able to circumvent SOD controls.
Conclusion
In conclusion, SaaS application security is critical to keeping your organization’s sensitive data and information safe from cyber threats. Most software development companies with global recognition and accreditations follow the standard software development guidelines to ensure the security of SaaS applications. Do not forget that securing something is an ongoing procedure. Businesses must constantly assess new security risks and implement improvements to stay ahead of the curve.