Software-as-a-Service (SaaS) has revolutionised the way businesses operate. It offers convenience, scalability, and efficiency. No more dragging software from one device to another. Everyone can collaborate easily in the cloud.
But alongside its benefits, SaaS brings with it potential threats. When software and data are online, they’re 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 increase 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, Jonathan Cundliffe, Managing Director of J700 Group an IT Support and Services provider based in Lancashire investigates what SaaS ransomware is and the risks it poses to businesses. And, most importantly, how you can defend against it.
What is SaaS Ransomware?
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 platforms.
The attackers use vulnerabilities in these cloud-based systems. The ransomware then encrypts valuable data which effectively locks users out of their own accounts. Cybercriminals then hold the data hostage and demand 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 organisations.
- 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 businesses 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
Prevention is better than cure and when it comes to SaaS ransomware, proactive defense is key. See below some effective strategies to protect your organisation against these threats.
Educate Your Team
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 recognise suspicious activities and report any unusual incidents immediately.
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. This is often a one-time code sent to their mobile device. Enabling MFA reduces the risk of unauthorised access. This is true, even if a hacker compromises an account’s login credentials.
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. You won’t need to pay the attacker’s ransom demands.
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. By doing this, you can reduce the potential damage an attacker can do if they gain access.
Keep Software Up to Date
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.
Deploy Advanced Security Solutions
Consider using third-party security solutions that specialise 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 strong 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 is access from unusual locations.
Develop an Incident Response Plan
Prepare and practice an incident response plan. This 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 Leave Your Cloud Data Unprotected!
SaaS ransomware is a significant cybersecurity concern. The best defence is a good offense. Do you need help putting one together?
Our team at J700 Group can help you stay ahead of the cyber threats that lurk in the digital world.
J700 Group provide effective IT support and services that enable your business to have secure, responsive and reliable information technology, keeping it running smoothly 24/7. Above this though, we are a family run company who truly care about our customer service and the business relationships we develop.
J700 Group are a Lancashire-based, family-run, professional and responsive, Managed Solutions Provider helping Businesses, to utilise Innovative IT Consultancy Services, Cloud Solutions, Cyber Security, Microsoft 365, Telecoms, Web Design and SEO solutions to propel their organisation to the next level and beyond.
As an experienced IT Support Provider, helping businesses across Lancashire & Manchester, if you need any assistance with your IT including IT Hardware, a Disaster Recovery Policy or Managed Backup Solutions please get in touch with one of our team.
Where to find us: Prinny Mill Business Centre, 68 Blackburn Road, Haslingden, Lancashire, BB4 5HL.
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