A study of 500+ companies revealed that up to 84% had employees using an average of 3.5 SaaS applications that experienced breaches within the last three months. This alarming statistic underscores the need for a comprehensive security checklist to protect your valuable data.

In this blog post, we’ll explore why SaaS security matters and the biggest risks facing SaaS platforms while providing you with an actionable SaaS security checklist.

Why SaaS Security Matters?

SaaS applications are integral to the operations of countless businesses, providing essential tools for everything from customer relationship management to data storage and collaboration. As these applications house sensitive business data, customer information, and other valuable assets, any security breach can have severe consequences, including data theft, financial losses, and damage to a company's reputation. 

Key SaaS security risks involve data breaches, compliance violations, and phishing attacks. The absence of a comprehensive security policy can create vulnerabilities that internal and external actors may exploit, as exemplified by the 2019 Capital One breach that exposed data of over 100 million customers.

Related: A Complete Guide to Credential Exposure: Causes & Prevention

SaaS Security Checklist 

The financial impact of a security breach can be huge. An IBM study found that the average cost of a data breach in 2023 was $4.45 million. As a preventative measure, learn how to secure SaaS applications with our SaaS Security Checklist.

1. Adopt a security-first mindset and comply with regulations

Cultivating a security-first culture is essential, and it starts with integrating DevSecOps practices into your daily operations. This approach ensures that security is not an afterthought but is embedded in the development process. 

Additionally, compliance with industry-specific and global regulations like GDPR and HIPAA is non-negotiable. Staying abreast of these regulations builds customer trust and shields you from potential legal repercussions.

Related: What are HIPAA's PHI Data Elements?

2. Secure APIs, authentication, and implement IAM controls

Unauthorized access is a leading cause of data breaches, and the first line of defense is often your authentication process. Implementing multi-factor authentication can add an extra layer of security that goes beyond just passwords. 

But security doesn't stop at the login page. Your API endpoints are another potential vulnerability. Securing these can prevent unauthorized data access. Coupled with this is the need for robust Identity and Access Management (IAM) controls. Also, utilizing Role-Based Access Control (RBAC) and Attribute-Based Access Control (ABAC) will ensure that employees only access the information necessary for their roles, reducing the risk of insider threats.

3. Encrypt data and conduct regular audits

Data encryption is like a vault for your digital assets. Using protocols like TLS for data in motion and AES for data at rest prevents cybercriminals from exploiting your information. But how do you know your security measures are effective? 

Regular internal and external audits can provide this assurance. These audits should focus on assessing the robustness of your data encryption protocols and the quality of your code.

4. Have a disaster recovery plan and understand the data flow

Even with the best security measures, incidents can happen. That's why having a disaster recovery plan is crucial. Establishing Recovery Point Objective (RPO) and Recovery Time Objective (RTO) metrics can guide your efforts to minimize damage and recover quickly. 

Also important is understanding the data flow through your SaaS and cloud applications. Knowing where your data resides and how it moves can inform your security strategy, making it more targeted and effective.

5. Define data loss policies and educate employees

Data handling is a shared responsibility, and setting clear guidelines for data sharing, retention, and deletion is vital. These policies should align with industry standards like PCI, SOC 2, and HIPAA to ensure compliance. However, even the best policies are only effective if your team is aware of them. 

Regular training sessions can equip your employees with the knowledge they need to handle data responsibly and recognize potential security threats, such as phishing attempts.

6. Monitor, respond, and continuously improve

Security isn't a one-time setup. Real-time monitoring mechanisms can alert you to potential breaches, allowing quick action. Utilize real-time security tools like Strac DLP to safeguard your data against emerging threats. 

Having a well-defined incident response procedure can make the difference between a minor issue and a major disaster. However, the security field is constantly changing. You must stay up-to-date on incident reports, adapt your strategies, and strive for continuous improvement.

Protect Your SaaS Data with Strac

Strac is a cutting-edge DLP solution designed to meet your SaaS security requirements. Here's how it enhances your SaaS security:

1. No-code integrations

Strac seamlessly integrates with your existing SaaS applications. Its user-friendly interface and straightforward setup process mean you can start protecting your data immediately without requiring extensive technical expertise.

2. Continuous scanning and protection

Strac offers continuous scanning and protection features that monitor your data for vulnerabilities or potential breaches. This proactive approach ensures you can identify and neutralize threats before they can cause any damage.

3. Detection and redaction of sensitive data

The ability to automatically detect and redact sensitive information adds an extra layer of security. Whether it's personal details, financial records, or confidential business data, this feature ensures that sensitive elements are secure.

4. Tokenization and proxy APIs

Strac employs advanced tokenization and proxy APIs to protect your data. These features replace sensitive data elements with non-sensitive equivalents, making it difficult for cybercriminals to exploit your data.

5. Compliance with regulatory standards

Compliance is often complex, especially with industry-specific regulations like HIPAA for healthcare or broader standards like GDPR. Strac helps you stay compliant effortlessly, taking the hassle out of meeting regulatory requirements.

Book a demo today to level up your SaaS security.