With 94% of companies utilizing at least one SaaS application and enterprises (over 10,000 employees) using over 400, the volume of data housed within these applications has increased dramatically. However, this surge also amplifies the potential for data to be compromised. How do organizations protect their data from new risks? Read on for several trends every company should be aware of in order to safeguard their data.
Being able to recover from a cyber attack is as important as preparing for one
Cyberattacks are becoming more frequent than ever. In recent years, Verizon’s Data Breach Investigations Reports have observed an increase in incidents involving cloud data. In addition to data breaches, more organizations are experiencing major business interruptions due to SaaS data loss.
While it may sound harsh, the sooner companies start accepting that reality, the better.
"You've heard the term, 'It's not if, if it's when,' right?" says Cory Carlson, VP of Security Sales at CDI. "I think everyone's sort of realized, 'I'm probably going to have a cyber event at some point, and most likely it's not that far away.' It's more about how we swiftly recover from that with minimal impact. I think that's a big trend."
In 2024, businesses must have contingency plans for SaaS data loss, corruption, and theft, as well as readily accessible backups for business continuity purposes. When these incidents occur, organizations need mechanisms in place, ideally from independent or 3rd-party solutions that would remain unaffected by the incident, to ensure accessibility and restoration of deleted or corrupted data.
Gen AI is amplifying cyber risks
Just as businesses are using Generative AI (Gen AI) to evolve, cybercriminals can leverage AI to orchestrate more sophisticated and targeted attacks. AI algorithms can automate tasks such as scanning for vulnerabilities, crafting convincing phishing emails, or bypassing security measures, making it harder for traditional cybersecurity defenses to detect and mitigate such attacks.
In a new survey of global CEOs conducted by PwC, many respondents flagged the risk of cybersecurity breaches as a growing concern. Most said the risk of cybersecurity breaches continues to be one of the biggest roadblocks to building trust. Specifically, 77% agreed that the technology can increase the chances of a breach.
Fortunately, organizations can defend against cyberattacks by automating repetitive and time-consuming tasks, allowing teams to focus on security's more complex and strategic aspects. It can also detect and investigate threats and learn from past incidents to adapt and learn.
Regulators are taking action in the face of increased risks
It's not only CEOs who are noticing an uptick in cyber threats, but regulators as well. For example, Europe recently enacted the Digital Operational Resilience Act (DORA) to reduce cybersecurity risks and improve the operational resilience of the financial sector. Recognizing the critical role that Information and Communications Technology (ICT) providers play in the operational resilience of financial services, DORA is now holding them accountable.
In the U.S., the New York State Department of Financial Services (NYDFS) updated the 23 NYCRR 500 regulation titled “Cybersecurity Requirements for Financial Services Companies.” The updates are substantial, encompassing asset inventory, risk assessment, multi-factor authentication (MFA) implementation, business continuity and disaster recovery (BCDR), governance, and CEO/CISO certification. Companies have one year to comply with the majority of updated requirements of the regulation.
Protect Your SaaS Data with Own
With the proliferation of SaaS applications and the escalating threat of cyberattacks, organizations must prioritize data protection strategies sooner rather than later. Organizations that protect data proactively are far better positioned to prevent, detect, mitigate, and recover from problems impacting cloud data.
At Own, we help companies limit the potential for data loss, as well as help them restore data quickly and easily should it be compromised. Learn more about the Own Data Platform here, or request a demo below.
