What Is SaaS Ransomware And How To Protect Your Business From It?

Software-as-a-Service (SaaS) has completely transformed the way we all do business. It makes things convenient, efficient, and scalable—no more dragging software between devices. But while there are plenty of benefits, there are some lurking threats. What is SaaS Ransomware and how to protect your business from it? Let’s get into it.

Software and data are simply more prone to attack when they are online. And one of the biggest threats it faces when moving between endpoints is ransomware.

Ransomware has been around for a while attacking computers, mobile devices, and servers. But recently, the growing concern is on SaaS ransomware attacks.

SaaS attacks have seen an increase of over 300% between March and May of 2023. According to a 2022 Odasea survey, 51% of ransomware attacks target SaaS data.

We’ll be explaining what SaaS ransomware is and the risks it presents. And most importantly, going over how to counter it.

What is SaaS Ransomware?

SaaS ransomware is also referred to as cloud ransomware. It is a malicious code that attacks cloud-based services and apps. Services like Microsoft 365, Google Workspace, and other cloud collaboration platforms.

Attacks take advantage of vulnerabilities in these cloud platforms. It essentially blocks users from accessing their own accounts. Cybercriminals are holding their data hostage and demand a ransom. The only way to get the decryption key is to pay the ransom.

SaaS Ransomware Risks

SaaS ransomware adds another layer of complexity when it comes to your cybersecurity. It poses a number of threats to both businesses and individuals.

Data Loss: The loss of important data is most pressing concern. In this position, you can no longer access the files and apps that are in the cloud. This puts productivity to a halt.

Reputational Damage: The reputation of your company is can be seriously impacted due to a successful SaaS ransomware attack. Partners and clients will think you can’t protect their information. Which has a negative impact on overall brand perception.

Financial Impact: Data recovery is not a guarantee when you pay a ransom. It will give criminals the idea that they found someone they can go after again. Not to mention the cost of recovery efforts and downtime.

Protecting Against SaaS Ransomware

As they say, prevention is better than a cure. The secret to preventing SaaS ransomware is to be proactive with defense. Here are a few practical methods to defend your company from these attacks.

Educate Your Team

Start by informing your staff members about the dangers of cloud-based ransomware. Describe the ways in which it spreads through phishing, malicious links, and hacked accounts. Teach them to spot suspicious activity and to report any strange activity right away.

Enable Multi-Factor Authentication (MFA)

MFA is an extra security layer. To access accounts, users must provide an additional authentication method. This is usually a one-time code that is sent through text to their phone. Using MFA decreases the chances of unauthorized access. Meaning your accounts are safe even if a hacker gains access to your login credentials.

Schedule Regular Backups

It’s important to regularly back up your SaaS data. You will still have access to your data even in the event of a ransomware attack. Having a current backup ensures you can recover and restore your files. In this case, you won’t need to pay an attacker a ransom demand.

Utilize the Least Privilege Principle

Limit user permissions to only the necessary functions. Adhere to the Least Privilege Principle. This entails granting users the minimal privilege required for their position. By doing this, you lessen the risk if an intruder manages to gain entry to their accounts.

Maintain Software Updates

Make sure to regularly update all software, including operating systems and SaaS apps. Often, the most recent security patches are included in these updates. Regular updates reduce vulnerabilities and strengthen your defense.

Use Advanced Security Solutions

Think about using an outsourced security solution that specializes in the safeguarding of SaaS systems. There are numerous advantages to these solutions, including:

Real-time threat detection
Data loss prevention

Monitor Account Activity

Implement a system of monitoring network traffic and user activity. Unusual behavior is usually the first sign of an attack. One red flag to look out for is multiple login attempts. Or if the access is coming from an irregular location.

Create an Incident Response Plan

Creating a plan to prepare and practice responding to an attack is vital. Specify what everyone needs to do in the event of a ransomware attack. Knowing what to do and look out for can significantly reduce the impact of an incident. It can also reduce recovery time too. The quicker your team can react, the quicker your operations go back to normal.