How Do You Fight SaaS Ransomware?

Software is everywhere. It runs everything/ Your operating system (OS) is software. There was a time when you had to go to a computer store, buy the software in a box, and then physically install it in your computer. This methodology is still with us, but it has been dwindling for many years. These days you can safely purchase and download software online and install it straight into your computer – or you can use SaaS.

What is software as a service SaaS?

Essentially SaaS (Software as a Service) is a way of delivering software over the internet, usually obtained from a cloud host on a subscription basis. This has revolutionized the way businesses operate. It offers convenience, scalability, and efficiency. No more dragging software from one device to another. Everyone can collaborate easily in the cloud.

But while SaaS has its benefits, it also brings with it potential threats. When software and data are online, they’re more vulnerable to attacks. One of the latest threats to move from endpoint devices to the cloud is ransomware.

Ransomware is not new – it’s been around attacking computers, servers, and mobile devices for a while. But recently there has been an alarming uptick in SaaS ransomware attacks.

Between March and May of 2023, SaaS attacks increased by over 300%. A study in 2022 by Odaseva found that 51% of ransomware attacks targeted SaaS data, and that continues to rise.

So, let’s take a look at what SaaS ransomware is and the risks it poses. And, most importantly, how you can defend against it.

SaaS Ransomware

Also known as cloud ransomware, SaaS ransomware is a malicious code designed to target cloud-based applications and services such as Google Workspace, Microsoft 365, and other cloud collaboration platforms.

It is just this targeting of cloud-platforms is that makes this ransomware different, because once the hackers zero in on a vulnerability to exploit, the standard scenario goes into effect: it encrypts your data, locks you out of the system, and demands a ransom in cryptocurrency in exchange for a decryption key.

SaaS ransomware presents basically the same risks with any ransomware attack, but they are no less severe because of the target. SaaS ransomware adds a new layer of complexity to the Cybersecurity landscape. It presents several risks to individuals and organizations.

1: Data Loss: The most immediate risk is the loss of critical data. You lose access to your cloud-based applications and files. This, and being unable to access your network, causes productivity to grind to a halt.

2: Reputational Damage: A successful SaaS ransomware attack can tarnish an organization's reputation and severely diminish trust among its customers. More so if it is an IT company like ITFIRM.COM. If we couldn’t protect ourselves, customers would have grave concerns about our ability to safeguard their data. This can be ruinous to any brand image.

3: Financial Impact: Whatever you do, do NOT pay the ransom! Forking over some cryptocurrency is no guarantee you’ll get your data back. These are criminals, after all. It also encourages attackers to see you as an ‘easy mark’ to target you again. Furthermore, the cost of downtime and recovery efforts can be substantial.

What is the best defense against ransomware?

There is that old adage that says, “an ounce of prevention is worth a pound of cure.” When it comes to SaaS ransomware, proactive defense is key. Here are some effective strategies to protect your organization against these threats.

Security Awareness Training

Over 90% of data breaches are caused by unwitting, untrained end-users. Start by educating your employees about all risks, including SaaS ransomware. Include how it spreads through phishing emails, malicious links, or breached accounts. Teach them to recognize suspicious activities and report any unusual incidents immediately. Ongoing Security Awareness Training is not a luxury, it’s a MUST.

Adopt Multi-Factor Authentication (MFA)

If you’re not using Multi-Factor Authentication (MFA) or at least Two-Factor Authentication (2FA), you’re making a huge mistake – one that could cost you your business. It is an essential layer of security, requiring users to provide at least one extra form of authentication after username and password, to access accounts. This is often a one-time code sent to your mobile device. Enabling MFA reduces the risk of unauthorized access. This is true, even if a hacker compromises an account's login credentials.

Backups, Backups, Backups!

We harp on this so much that we here at ITFIRM.COM sound like a broken record. It is up to the customer to pay to set up a regular backup system. If they choose to pinch that particular penny, we will not typically offer them our Managed IT Services, but rather a renewable block of service time that is not all-inclusive.

Here's the reasoning behind this: If a client refuses to institute backups and an employee there clicks a malicious link and releases ransomware into the network, then it would be costly and time-consuming to forensically try to salvage data – and the results are typically far from complete. Then we run the risk of the client presuming we failed (when we didn’t) and sharing that misinformation with others. It’s just not worth it.

Creating regular backups for your SaaS data is crucial. In the event of a ransomware attack, you still have your data, so the affected devices can easily be wiped and the data restored. Having up-to-date backups ensures that you can restore your files. If you take this precaution, you never even have to consider paying a ransom.

Establish Access Management

Apply the principle of least privilege. Limit user permissions to only the necessary functions. This means giving users the lowest privilege needed for their job. Doing this, you reduce the potential damage an attacker can do if they gain access.

Keep Software Up to Date

This is a given and can easily be automated: make sure that you keep all software (SaaS applications, operating systems, etc.) up to date. They should have the latest security patches installed. Regular updates close known vulnerabilities and strengthen your defense.

Take Advantage of Advanced Security Solutions

Consider using third-party security solutions that specialize in protecting SaaS environments. These solutions can provide many benefits. Including:

Real-time threat detection

Data loss prevention

And other advanced security features

Monitor Account Activity

Establish robust monitoring of user activity and network traffic. Suspicious behavior can be an early indicator of an attack. One example to watch for is several failed login attempts. Another is access from unusual locations.

Put Together an Incident Response Plan (IRP)

This is the smallest part of your overall Backup and Disaster Recovery plan, which is part of the larger Business Continuity plan. Prepare and practice an incident response plan. It should outline the steps to take in the event of a ransomware attack. A well-coordinated response can mitigate the impact of an incident. It can also aid in faster recovery. The sooner your team can respond, the faster business gets back to normal.