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4 Cyber Security Considerations For SaaS Companies In 2020


IIH Global

Cybersecurity Considerations For Saas Companies In 2020

In recent years there has been a huge surge in Software as a Service (SaaS) companies, these are the businesses that have created an application that customers can only access and use over the internet. These services can offer great value to a wide range of companies and that’s why so many are choosing to adopt these types of services as part of their daily operation and to replace commercial off-the-shelf software (COTS). There are several reasons why a business might adopt a Software as a Service, for example, there are a variety of different accounting, eCommerce and CRM services out there that they might choose to help them run their business. Some might even take on multiple SaaS companies to help keep their business running smoothly. And as a result of today’s digital world and the fact that more people are deciding to invest in these types of cloud-based systems, more SaaS companies are being created every year. 

And while it’s great to see these models evolving, becoming more popular and allowing more and more businesses and employees to operate remotely, these softwares do come with a number of security issues. So, if you're running a Software as a Service (SaaS) company or you're thinking about setting up this type of service this year, here are four cybersecurity considerations for 2020. 

1. Are your existing security measures strong enough?

Sadly, SaaS companies are bigger targets for cyberattacks and the nature of the service can make it easier for cybercriminals to access sensitive data. For example, if they are able to access some of the critical areas of the SaaS infrastructure, they may be able to tamper with or steal the data and personal information stored within. Not only this, but SaaS structures are targets for botnets which can also steal data. And while encrypting this data to try and fend off breaches may be a starting point; it is certainly not foolproof. It’s 2020 and cybercriminals are always finding new and more sophisticated ways to break into these systems. For this reason, you need to make sure you're doing all you can to put the most effective security measures in place. So, ask yourself this, are the existing security measures enough for my SaaS company and its customers?

2. Is it time for a change in thinking? 

Unfortunately, cybercrime is on the rise and it doesn't look like it will be slowing down any time soon. Because of this, it might be time to change your thinking in 2020. You should always be reviewing your cyber security systems regularly anyway, but with hackers becoming increasingly devious, this could be the year to revamp your systems and up your security measures for good. The best way to achieve this is to think of your infrastructure and network as assets that require extra security. 

And this should start from the very bottom of the system. Make sure security is built into your product right from the very start and that you think about security at every level, from the server and web framework, right through to the JavaScript. 

Not only this but if your SaaS requires you to work with other companies to help you provide your service, make sure they are also doing their best to keep their services as secure as possible. Otherwise, criminals could still reach your data through these third-party providers. If you're able to change your thinking to always lead and make decisions with security at the forefront of your mind, this can help you to create an even better product and offer a safer service. 

3. How can you earn the trust of your customers?

Another important consideration for SaaS companies is how you can earn the trust and confidence of your customers. With more people now aware of cybersecurity and the importance of protecting their data online, many are more inclined to question online service providers about how they intend to keep their data safe before they buy into those services - are you ready to answer those questions? 

In 2020, you could take your SaaS company to the next level and boost your reputation by investing more time in earning your customer’s trust. Why put all the effort into building the most secure systems possible if you aren't going to shout about it! Consider putting together some clear and concise content that helps to explain what cybersecurity systems you have in place and ensure all your staff are clued up and able to answer any questions regarding security. This is what will keep customers coming back and recommending your services to others.

This is particularly important when it comes to larger companies who are more reluctant to adopt SaaS providers as they see these as a bigger security risk. This is because most of these businesses to be able to have some element of control over their data, even if it has been encrypted. So, if you're hoping to secure some bigger clients in 2020, it’s time to consider what cybersecurity systems and literature you can put in place to earn their confidence. 

4. Are you fully GDPR compliant?

It’s 2020, you really should be fully GDPR compliant by now! That said, if you're a relatively new SaaS company or you're simply unsure about the 2018 General Data Protection Regulations (GDPR), it’s vital that you consider fixing this as soon as possible and consider becoming ISO 27001 certified. Not only because you could find yourself facing a huge fine if you don’t, but also because following this legislation has a number of benefits for SaaS companies. 

But we understand that there is a lot to learn when it comes to GDPR and it can be very confusing. So if you're unsure whether you are fully GDPR compliant or you're just looking for some advice, check out the GDPR for SaaS companies checklist here. This should give you a better indication of whether your cybersecurity efforts are in-line with those outlined in the EU legislation or whether more needs to be done to protect the sensitive data of your clients this year and into the future.

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