Ways to Defend Against SaaS Ransomware
In this article, we discuss the importance IT cybersecurity to help your business mitigate the significant risks cyber attacks pose. More importantly, we will delve into the ways that you can defend against SaaS ransomware attacks.
Software-as-a-Service (SaaS) is a software licensing and delivery model where software is licensed on a subscription basis and is centrally hosted. Being accessible through the internet and centrally hosted, licensed team members can collaborate on data within the application without the need for the business needing to host the application on servers locally – reducing the infrastructure overhead costs. SaaS has revolutionized the way businesses operate by offering convenience, scalability, and efficiency.
Unfortunately, alongside its many benefits, it comes with some potential threats – software and data in the cloud are more likely targets for cyber attack. Between March and May of 2023, SaaS attacks increased by over 300%. A study in 2022 by Odaseva found that 51% of ransomware attacks targeted SaaS data.
What is SaaS Ransomware?
SaaS ransomware is also known as cloud ransomware. It’s malicious code designed to target cloud-based applications and services. These include services like Google Workspace, Microsoft 365, and other cloud collaboration platforms.
The attackers exploit vulnerabilities in these cloud-based systems. The ransomware then encrypts valuable data and it effectively locks users out of their own accounts. Cybercriminals hold the data hostage demaning a ransom – often in the form of cryptocurrencies. The ransom is in exchange for the decryption key.
The Risks of SaaS Ransomware
SaaS ransomware adds a new layer of complexity to the cybersecurity landscape. It presents several risks to individuals and organizations. Some risks include:
- Data Loss: The most immediate risk is the loss of critical data. You lose access to your cloud-based applications and files. This can cause productivity to grind to a halt.
- Reputational Damage: A successful SaaS ransomware attack can tarnish your organization’s reputation. Customers and partners may lose trust in your ability to safeguard their data. This can negatively impact your brand image.
- Financial Impact: Paying the ransom is not guaranteed to result in data recovery. It may encourage attackers to target you again. Furthermore, the cost of downtime and recovery efforts can be substantial.
Defending Against SaaS Ransomware
As the saying goes, prevention is better than a cure. When it comes to SaaS ransomware, proactive defense is key. Here are some effective strategies to protect your organization against these threats.
Educate Your Team
Start by educating your employees about the risks of SaaS ransomware. Include how it can spread through phishing emails, malicious links, or breached accounts. Teach them to recognize suspicious activities and report any unusual incidents immediately.
We offer a free phishing security test that allows you to discover what percentage of employees in
your organisation are likely to fall victim to a spear phishing attack and learn how this stacks up to phishing benchmarks in your industry.
Enable Multi-Factor Authentication (MFA)
MFA is an essential layer of security. It requires users to provide an extra form of authentication to access accounts (often a one-time code sent to their mobile device). Enabling MFA reduces the risk of unauthorized access.
Regular Backups
Frequently backing up your SaaS data is crucial. In the event of a ransomware attack, you still have your data. Having up-to-date backups ensures that you can restore your files and you won’t need to pay the attacker’s ransom demands. VirtueUK offer both cloud and on-premise Backup and Disaster Recovery solutions that can help businesses safeguard against the worst.
Apply the Principle of Least Privilege
Limit user permissions to only the necessary functions. Follow the principle of least privilege, this means giving users the lowest privilege needed for their job. Doing this, you reduce the potential damage an attacker can do if they gain access.
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
- And other advanced security features
Track Account Activity
Put in place robust monitoring of user activity and network traffic. Suspicious behavior can be early indicators of an attack. One example to watch for is several failed login attempts, another example is access from unusual locations.
Develop an Incident Response Plan
Prepare and practice an incident response plan. An incident response plan should outline the steps to take in the event of a ransomware attack. A well-coordinated response can mitigate the impact of an incident. It can also aid in faster recovery. The sooner your team can respond, the faster business gets back to normal.
Don’t know where to start? Our various Strategic Consultancy engagements can help you develop your IT Security Roadmap as well as deliverables like an Incident Response Plan.
Don’t Leave Your Cloud Data Unprotected!
SaaS ransomware is a significant and growing cybersecurity concern for businesses. The best defense is a good offense.
If you need help putting your offense together, our Strategic Consultancy Services can help you build your Security Roadmap, Incident Response Plan and more.
Stay ahead of lurking cyber threats. Contact us today to schedule a no-obligation chat.