Software-as-a-Service (SaaS) has revolutionized the way businesses operate by offering convenience, scalability, and efficiency. No more dragging software from one device to another; everyone can collaborate easily in the cloud.
Alongside its benefits, SaaS also brings with it potential threats. When software and data are online, they are more vulnerable to attacks. One of the latest threats to move from endpoint devices to the cloud is ransomware.
Ransomware has been around attacking computers, servers, and mobile devices for a while, but recently there has been an alarming uptick in SaaS ransomware attacks.
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.
In this article, we’ll delve into what SaaS ransomware is, the risks it poses, and most importantly, how you can defend against it.
SaaS ransomware is also known as cloud ransomware. It is malicious code designed to target cloud-based applications and services. These include services like Google Workspace, Microsoft 365, and other cloud collaboration platforms.
Attackers exploit vulnerabilities in these cloud-based systems, and the ransomware then encrypts valuable data and effectively locks users out of their own accounts. Cybercriminals hold the data hostage then demand a ransom, often in the form of cryptocurrencies. The ransom is in exchange for the decryption key.
SaaS ransomware adds a new layer of complexity to the cybersecurity landscape. It presents several risks to individuals and organizations:
When it comes to SaaS ransomware, having a strong defense in place is key. Here are some effective strategies to protect your organization:
Start by educating your employees about the risks of SaaS ransomware. Include how it spreads through phishing emails, malicious links, or breached accounts. Teach them to recognize suspicious activities and report any unusual incidents immediately.
MFA is an essential layer of security that requires users to provide an extra form of authentication to access accounts, often in the form of a one-time code sent to the user’s mobile device. Enabling MFA reduces the risk of unauthorized access. This is true, even if a hacker compromises an account’s login credentials.
Frequently backing up your SaaS data is crucial. This ensures that even in the event of a ransomware attack, you would still have your data and would be able to restore your files without paying the attacker’s ransom demands.
Follow the principle of least privilege by limiting user permissions to only the necessary functions. This means giving users the lowest privilege needed for their job to reduce the potential damage an attacker can do if they gain access.
Ensure that you keep all software (SaaS applications, operating systems, etc.) up to date. They should have the latest security patches installed. Regular updates close known vulnerabilities and strengthen your defense.
Waterdog offers security solutions that specialize in protecting SaaS environments. These solutions can provide many benefits. Including:
Put in place robust monitoring of user activity and network traffic. Suspicious behavior can be an early indicator of an attack. One example to watch for is several failed login attempts. Another is access from unusual locations.
Develop and practice an incident response plan to prepare your business for the unexpected. It 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.
SaaS ransomware is a significant cybersecurity concern. The best defense is a good offense. Our team can help you stay protected from the cyber threats that lurk in the digital world. Give us a call today to schedule a chat.
Article used with permission from The Technology Press.