Software enterprises with SaaS solutions have dominated the IT industry thanks to their ability to run on any device with a standard internet connection.
These software enterprises have allowed businesses to work around the COVID-19 disruptions. However, they are a potential target for cybersecurity attacks.
With nearly 85% of all businesses worldwide relying on SaaS platforms for their operations and data management, a cybersecurity breach puts everyone at potential risk, both software enterprises and their customers.
Importance Of Cybersecurity Awareness for Software Enterprises
Despite a long list of benefits, SaaS solutions’ most overlooked aspect is perhaps their weakest link. A security breach in a SaaS platform can not only harm its users. It can also jeopardize the reputation and integrity of the solution’s user and the software enterprise.
With the exponential growth of the SaaS industry, cybercriminals have turned their attention to circumventing cloud security vulnerabilities. With remote and hybrid working environments becoming common, software enterprises are at risk, higher than ever.
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Why Do Cybercriminals Target Software Enterprises?
Both B2B and B2C SaaS solutions store essential and sensitive information about their clients, users, and employees, like financial transactions and other confidential information. Because of that, these web-based applications are a popular target for hackers.
Ransomware attacks are frequent to steal sensitive data and get a ransom. Upon refusal, the attacker will usually publish, delete, or permanently deny access to the data.
Other than that, attackers hope to gain access to sensitive financial information such as credit card numbers to commit fraud. These breaches may also be motivated by malice or even politically charged.
How Security Awareness Help Software Enterprises?
There are serious concerns about cyberattacks on SaaS infrastructure, resulting in legal and financial consequences. Therefore, organizations must navigate additional security complexities when migrating to the cloud for scalability.
Companies must understand how SaaS platforms are becoming increasingly vulnerable, what’s at stake, and what steps to take to ensure optimal cybersecurity awareness to protect themselves from security risks effectively. So, without further ado, let’s review why SaaS cybersecurity awareness training is essential.
Long-Term Secure SDLC
Any SaaS platform should have security embedded. For example, it can be as simple as protecting the database from malicious actors or as complex as applying fraud processing to the solution.
Since software enterprises must integrate security at every stage of the Software Development Life Cycle (SDLC), developers should always keep it in their minds as they go through requirements.
Incorporating a cyber awareness culture in the development team positively impacts the SDLC, building cyberculture from the ground up and saving time and resources to create safer and solid SaaS solutions.
Software Enterprises Must Meet Compliance Regulations
Organizations that fail to implement proper data protection measures, such as GDPR and CCPA, are at risk of facing significant fines. Noncompliance can result in 2% of annual turnovers, or $10 million – a penalty that would cripple most businesses.
In that case, cybersecurity awareness training can help them demonstrate the implementation of best practices and due diligence in data management and make sure that any changes in regulations or the team can learn new policies as they roll out.
Reducing Premiums in Cyber Insurance
Cyber insurance can assist companies in creating, storing, and managing electronic data such as customer contacts, sales, PII (as guided by GDPR), and credit card numbers.
Cybersecurity awareness training is a requirement to reduce premiums, helping software enterprises to keep a healthy financial balance in the long run and away from needing the insurance.
Customer Trust And Brand Reputation
Every company that becomes a cyber victim faces a difficult period following a data breach. According to a Centrify study, 65 percent of data breach victims lost trust in the company due to attacks. According to IDC, if a company’s information is compromised in a security breach, 80 percent of consumers in developed countries will leave.
For software enterprises, where trust is directly related to cybersecurity, the impact multiplies. Security awareness training becomes a way to preserve the brand against a worst-case scenario.