Ransomware on the Rise: Why you need to protect your SaaS data immediately
SaaS(Software as a Service) business model has revolutionized the way businesses operate in this era. More because of the adaptability and ease of scalability and efficiency.
While SaaS has revolutionized the way businesses operate, it has also brought potential threats along with its benefits. Putting software and data online makes them more vulnerable to attacks, and ransomware is one of the latest threats that has moved from endpoint devices to the cloud.
While SaaS has revolutionized the way businesses operate, it has also brought potential threats along with its benefits. Putting software and data online makes them more vulnerable to attacks, and ransomware is one of the latest threats that has moved from endpoint devices to the cloud.
Although ransomware has been attacking computers, servers, and mobile devices for some time now, there has been a significant uptick in SaaS ransomware attacks.
A study conducted by Odaseva showed that 51% of ransomware attacks targeted SaaS data let alone in 2022. While in between March and May of 2023, SaaS attacks increased drastically by over 300%.
If you’ve reached reading till this point, we suggest you kep reading as further we’ll explore what SaaS ransomware is, the risks it poses, and most importantly, how to defend against it.
A study conducted by Odaseva showed that 51% of ransomware attacks targeted SaaS data let alone in 2022. While in between March and May of 2023, SaaS attacks increased drastically by over 300%.
If you’ve reached reading till this point, we suggest you kep reading as further we’ll explore what SaaS ransomware is, the risks it poses, and most importantly, how to defend against it.
Let’s understand “What is ransomware” first
Ransomware is a type of malware that encrypts a victim’s files and demands payment in exchange for the decryption key. In other words, ransomware effectively holds a victim’s data for ransom. This can be devastating for businesses, as it can result in significant financial loss, reputational damage, and even legal liability.
Why is SaaS at risk of Ransomware?
Imagine working on an important project on your cloud-based collaboration platform, only to find out that you can’t access your account anymore. Now you’re trying to login multiple times, but you cannot, you’re locked out. All while this is happening, you receive a message from an unknown sender, demanding a ransom in exchange for the decryption key to your valuable data. Now that’s a trap. The Ransomware trap!
You have likely become a victim of SaaS ransomware, also known as cloud ransomware.
These sneaky cybercriminals exploit vulnerabilities in cloud-based systems like Google Workspace and Microsoft 365 and then launch their malicious code, which encrypts your precious data. It’s like they’ve put a lock on your cloud account, and the only way to get it back is by paying up in cryptocurrencies. It’s like being held hostage by a cybercriminal – they have your data, and you’re at their mercy.
You have likely become a victim of SaaS ransomware, also known as cloud ransomware.
These sneaky cybercriminals exploit vulnerabilities in cloud-based systems like Google Workspace and Microsoft 365 and then launch their malicious code, which encrypts your precious data. It’s like they’ve put a lock on your cloud account, and the only way to get it back is by paying up in cryptocurrencies. It’s like being held hostage by a cybercriminal – they have your data, and you’re at their mercy.
SaaS applications are particularly vulnerable to ransomware attacks because they are often accessed through the internet. This means that attackers can exploit vulnerabilities in the application or the user’s system to gain access and deploy the ransomware.
Additionally, SaaS applications are often used to store critical business data, such as customer information, financial records, and intellectual property. Losing access to this data can be catastrophic for a business.
How to protect your SaaS data against Ransomware?
Protecting your SaaS data from ransomware requires a multi-layered approach. Here are some steps you can take to reduce your risk:
1. Keep your software up to date
Most of the SaaS providers keep releasing their updates and patches to oversee vulnerabilities. Thus, here you have to make sure to install these updates from time-to-time and ensure that software is as secure as possible.
2. Educate your employees
One of the most effective ways to prevent ransomware attacks is to educate your employees about the risks. Train them to identify suspicious emails, links, and attachments and encourage them to report any unusual activity.
3. Enable Multi-Factor Authentication (MFA)
Using multi-factor authentication (MFA) is a crucial step in securing your accounts. With MFA, you’re required to provide an additional form of authentication, such as a one-time code sent to your mobile device, before accessing your account. This extra layer of security makes it more difficult for hackers to gain unauthorized access, even if they’ve compromised your login credentials. So, if you want to strengthen the security of your accounts, enabling MFA is a must.
4. Backup your data
Regularly backing up your SaaS data can help you recover quickly in the event of a ransomware attack. Make sure you store backups securely, preferably offline, to prevent attackers from accessing them.
5. Deploy Advanced Security Solutions
Consider Security solutions that specialize in protecting SaaS environments. These solutions can provide many benefits. Including:
- Real-time threat detection
- Data loss prevention
- Intrusion Detection System
- Data Restoration System
- And other advanced security features
Explore Ransomware protection solutions with RedOrange.ai
RedOrange.ai provides you with a comprehensive and advanced Ransomware protection technology that enables you to decrease the costly downtime by fully automating the line of defense against Cloud Ransomware.
