November 10, 2022

Cyber Insurance and Security for SaaS Threats

Over the years, the Software-as-a-Service industry has experienced rapid growth thanks to the flexibility and convenience it provides entrepreneurs and customers. As a result, SaaS platforms like Google Workspace and Microsoft 365 have become standard tools used by most businesses in daily operations.

However, although these applications increase business productivity, they also open SaaS cybersecurity concerns: opportunities for cybercriminals to hack into company networks and access sensitive information.

To help you, let's go over the most prevalent SaaS cybersecurity risks and what your organization can do to counter these threats.

Prevalent SaaS Cybersecurity Risks

1. Zero-Day Vulnerabilities

A zero-day vulnerability refers to the software's weakness unknown to the developer. But the catch is that a hacker has already discovered it. It can stem from various factors like software bugs, weak passcodes, and lack of encryption are three of the most common reasons behind it.

2. Cloud Misconfiguration

Nowadays, most SaaS platforms add multiple layers of complexity to their system, increasing the possibility of misconfigurations. Cloud misconfiguration occurs when a glitch, gap, or error happens during cloud adoption – even a small configuration mistake can lead to detrimental results.

It may expose all sensitive data, resulting in cybersecurity attacks like phishing, malware, cloud leaks, and ransomware.

3. Non-Compliance

SaaS compliance refers to all of the rules that SaaS organizations must follow. These guidelines will improve how your company manages customer data, taxes, financial statements, and more. However as a result, non-compliance often results in cybersecurity issues like data breaches and identity theft which may put your company in a financial crisis.

So, as an organization that uses multiple SaaS platforms, it's crucial to comply with these standards.

4. Supply Chain Attacks

Supply chain attacks take place whenever a cybercriminal uses an organization's supply chain vulnerability to infiltrate its digital infrastructure. These attacks are diverse, impacting small and large corporations with incompetent cybersecurity practices.

How to Protecting Your SaaS Platform From Cyber Threats

Cybersecurity is the only way to protect you and your clients from various cybersecurity threats. But, it’s important to find cybersecurity that protects your clients from threats both seen and unseen. 1Fort is one such solution.

1Fort offers a holistic solution to various cybersecurity threats for growing businesses without being overly complicated.

By using 1Fort, your client can easily identify gaps in their security and implement:

  • Multi-factor authentication
  • Firewalls and Privacy Tools
  • Spam Blocker
  • Automated App Updates
  • Data Backup
  • Anti Malware

In addition to all-in-one security, 1Fort offers access to comprehensive cyber insurance through a variety of carrier partners to protect your clients from the devastating effects of a potential breach.

Using 1Fort as a broker helps you get your clients:

  • Better-priced insurance premiums and more comprehensive coverage
  • Quick access to multiple quotes
  • Significant reduction of E&O (error and omission) risk
  • Automatic approval for policy renewals

The Takeaway

As SaaS platforms continue to evolve and expand in popularity, it’s important for companies to take the threat of cyber breaches seriously. Cyber security is important for any business that relies on the internet, but it's especially important for Saas platforms because Saas platforms are constantly handling sensitive data, making them a prime target for hackers.

If your client's Saas platform is hacked, it could cost them millions of dollars in damages. That's why working with a partner like 1Fort to ensure they have the best protection is essential. With 1Fort you can ensure your client has best-in-class coverage, giving them the protection and peace of mind they need to continue serving the world with their businesses.