Businesses increasingly rely on Software as a Service (SaaS) applications to drive efficiency, innovation, and growth.
However, this shift towards a more interconnected digital ecosystem has not come without its risks.
According to the “2024 State of SaaS Security Report” by Wing Security, a staggering 97% of organizations faced exposure to attacks through compromised SaaS supply chain applications in 2023, highlighting a critical vulnerability in the digital infrastructure of modern businesses.
The report, which analyzed data from 493 companies in the fourth quarter of 2023, illuminates the multifaceted nature of SaaS security threats.
From supply chain attacks taking center stage to the alarming trend of exploiting exposed credentials, the findings underscore the urgent need for robust security measures.
Supply Chain Attacks: A Domino Effect
Supply chain attacks have emerged as a significant threat, with 96.7% of organizations using at least one app that had a security incident in the past year.
The MOVEit breach, which directly and indirectly impacted over 2,500 organizations, and North Korean actors’ targeted attack on JumpCloud’s clients are stark reminders of the cascading effects a single vulnerability can have across the supply chain.
The simplicity of credential stuffing attacks and the widespread issue of unsecured credentials continue to pose a significant risk.
The report highlights several high-profile incidents, including breaches affecting Norton LifeLock and PayPal customers, where attackers exploited stolen credentials to gain unauthorized access to sensitive information.
MFA Bypassing and Token Theft
Despite adopting Multi-Factor Authentication (MFA) as a security measure, attackers have found ways to bypass these defenses, targeting high-ranking executives in sophisticated phishing campaigns.
Additionally, the report points to a concerning trend of token theft, with many unused tokens creating unnecessary risk exposure for many organizations.
Looking Ahead: SaaS Threat Forecast for 2024
As we move into 2024, the SaaS threat landscape is expected to evolve, with AI posing a new threat.
The report identifies two primary risks associated with AI in the SaaS domain: the vast volume of AI models in SaaS applications and the potential for data mismanagement.
Furthermore, the persistence of credential-based attacks and the rise of interconnected threats across different domains underscore the need for a holistic cybersecurity approach.
Practical Tips for Enhancing SaaS Security
The report offers eight practical tips for organizations to combat these growing threats, including discovering and managing the risk of third-party applications, leveraging threat intelligence, and enforcing MFA.
Additionally, regaining control of the AI-SaaS landscape and establishing an effective offboarding procedure are crucial steps in bolstering an organization’s SaaS security.
The “2024 State of SaaS Security Report” by Wing Security serves as a wake-up call for businesses to reassess their SaaS security strategies.
With 97% of organizations exposed to attacks via compromised SaaS supply chain apps, the need for vigilance and proactive security measures has never been more critical.
As the digital landscape continues to evolve, so must our approaches to protect it.
Stay updated on Cybersecurity news, Whitepapers, and Infographics. Follow us on LinkedIn & Twitter.