Top 10 SaaS Cybersecurity Threats You Must Know in 2023

SaaS cybersecurity threats that your organization should be aware of when using SaaS services 

Modern businesses are increasingly turning to the cloud to reap the operational benefits of outsourcing critical business functions. Many businesses are now utilizing cloud computing, such as software-as-a-service (SaaS) services. SaaS solutions assist organizations in achieving critical goals such as cost reductions and faster time-to-market. However, they do introduce SaaS cybersecurity threats and risks. 

When organizations sign on as customers, they ultimately put their sensitive data in the hands of third-party vendors. Despite this trust, a data breach caused by a SaaS provider's poor data security practices is the client's responsibility.

Here are the top 10 SaaS cybersecurity threats risks that are introduced by SaaS solutions and how organizations can address them before they result in data breaches.

1. Cloud misconfigurations: Misconfigurations frequently expose sensitive data or leave cloud resources vulnerable to attack. A cloud misconfiguration occurs when a cloud-based service or application is set up or configured incorrectly. Organizations should establish clear policies and procedures for configuring and managing cloud resources to avoid cloud misconfigurations.
2. Supply chain attacks: A supply chain attack is a type of cyberattack in which an attacker attempts to gain access to a company's or organization's internal systems and data by targeting a weak link in the company's or organization's supply chain. Because it allows the attacker to circumvent the organization's security measures, this type of attack is frequently used to target large organizations with many vendors and partners.
3. Advanced persistent threats (APTs): APTs are a type of cyber-attack in which an attacker establishes a long-term presence on a network to steal sensitive data or disrupt operations. APTs are typically carried out by state-sponsored or well-funded groups and can be difficult to detect and defend against due to the use of custom malware and tactics designed to avoid detection. APTs are distinguished by their persistence and ability to avoid detection for long periods, often months or even years.
4. Phishing and social engineering: Cybercriminals use phishing and social engineering to trick people into providing sensitive information or access to systems. Phishing and social engineering are both becoming more advanced and sophisticated, posing a significant threat to both organizations and individuals.
5. IoT and OT attacks: Attackers seeking to gain network access are increasingly targeting Internet of Things (IoT) and operational technology (OT) devices. IoT (Internet of Things) and OT (Operational Technology) attacks are cyber-attacks that target internet-connected devices and systems used in industrial and operational environments.
6. Ransomware: Malware that encrypts a company's data and then demands payment to unlock it. Once infected, the malware will usually encrypt files and display a message to the victim demanding payment in exchange for the decryption key. The ransom is typically paid in cryptocurrency, and if the ransom is not paid, the attackers may threaten to destroy or publicly release the victim's/data. company's
7. Cryptojacking: It is the use of malware by attackers to mine cryptocurrency on a company's systems without their knowledge.
8. AI-powered attacks: Attackers are employing artificial intelligence (AI) and machine learning (ML) to develop more sophisticated attacks that are more difficult to detect and defend against.
9. Insider attacks: Employees, contractors, or vendors with access to company systems and data can cause damage intentionally or unintentionally.
10. Account Takeover: Attackers use a variety of methods to gain access to a user's account, including phishing, password spraying, and social engineering.

Finally, as more businesses move their operations to the cloud, SaaS (Software as a Service) cybersecurity threats are becoming a growing concern for organizations. The threats to SaaS cybersecurity listed above are some that every organization should be aware of.