Today, the world of cybersecurity is being ruled by high-tech companies. And this is because they have a security advantage due to their young workforce and lack of legacy systems. However, these very companies have fallen prey to security breaches and whatnot in recent times. How can we forget the incidences of Slack and GitHub that have prioritized security measures once and for all, particularly when using Software-as-a-Service (SaaS) solutions? In this blog, Cybertech will be highlighting why high-tech companies struggle with SaaS security. So, hang tight, and let’s get started.
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The Long Story of App Breaches
There is no iota of doubt that tech companies have never been immune to data breaches. We all remember how Slack had encountered a breach on GitHub, following a previous GitHub breach where an attacker gained access to private code repositories using stolen OAuth tokens from Heroku and Travis CI-maintained OAuth applications. MailChimp, a popular SaaS app for managing email campaigns, faced three breaches over a year, resulting in the theft of customer data used in subsequent attacks on cryptocurrency companies. SevenRooms suffered a significant breach with the loss of over 400 GB of sensitive data from its CRM platform. PayPal also had to inform customers about unauthorized access to accounts through stolen login credentials, while Atlassian experienced a breach exposing employee and corporate data in February.
All these incidents have raised the importance of prioritizing data protection and security measures have increased by manifolds. Protecting proprietary code, customer data, and employee records stored within SaaS applications should indeed be a top priority for tech companies.
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Over-dependence on Reliance
Maintaining a robust security posture in SaaS applications is crucial for all companies, but it holds particular significance for organizations storing their proprietary code in such platforms. Threat actors are especially enticed by the opportunity to exploit and hold the code hostage for ransom, making it imperative to establish a strong defense. Tech companies often rely on a diverse range of SaaS applications, encompassing collaboration platforms, sales and marketing tools, legal and financial systems, data warehouses, cybersecurity solutions, and more. This multitude of applications poses a significant challenge in ensuring comprehensive security across the entire stack. Given that tech employees heavily rely on SaaS apps for their daily work, it becomes essential for security teams to enforce strict identity governance and access controls.
Mergers, Acquisition, and Hyper-Growth
Meanwhile, the industry is seeing a surge in mergers and acquisitions. When a company acquires another, it must establish a foundation for SaaS cybersecurity and oversee all SaaS stacks of the merged or acquired firms, all while guaranteeing business continuity. Regardless of whether the rapid growth is due to organic means or M&As, companies must be able to efficiently and promptly calibrate user access at scale.
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So, these are the major reasons behind high-tech companies’ intense struggle with the SaaS cybersecurity system. By implementing a comprehensive approach to data security, including these measures and others relevant to their specific needs, tech companies can significantly reduce the risk of data breaches and better protect their valuable assets and the privacy of their customers and employees.
