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If you thought that the recession is the only problem that B2B businesses are facing in 2023, think again. Cybersecurity has become even more challenging with the recent spike in attacks on a wide range of European and North American entities.Let’s check out the main ones and understand how good user management can make the difference.
Cybercrime has been a part of the SaaS world for decades. As per a recent Cybersecurity Ventures report, the total cost of cybercrime crossed the $7 trillion mark in 2022. The worrying issue is that the complex geopolitical issues are triggering a spike in attacks on European and US-based businesses. Major compromises are being discovered almost on a weekly basis since January.
Here are just a few examples of cyber attacks from recent weeks.
These are not isolated incidents. Data breaches have been reported by organizations like The Guardian, PayPal, T-Mobile, Ticketmaster, NortonLifeLock, Puma, and a chain of Toronto-based hospitals over the last couple of months.
I don’t think that any business underestimates the cybersecurity side of things. More often than not, traditional safeguards and best practices are in place. The problem is that none of these are silver bullets, nor are they deterring the bad guys anymore.
Here are some AppSec toolkit essentials that are being used today:
All in all, having a traditional AppSec toolkit is a good start, but will not make you immune to cybercrime. There are simply too many exploitable weak human links, coding vulnerabilities, and third-party blind spots out there today.
So what can be done to elevate cybersecurity standards?
Traditional AppSec is only skin deep because it doesn’t address the most exploited weak link – the human one. Social engineering, clickbaiting, and other email hacking techniques are often the culprit when it comes to cybercrime. This is exactly what SaaS businesses need to understand before creating a foolproof security strategy. So what are the best ways to protect user privacy and data security today?
It’s also important to encrypt data, as required by all top privacy laws that are in effect today – GDPR, HIPAA, CCPA, and others. This includes data in motion, at-rest, and in storage. You should also try not to store sensitive data after it’s processed.
So let’s wrap this up…
I wish to clarify that MFA is no silver bullet, because no such thing exists in cybersecurity. But it’s definitely an effective and useful component to have in your AppSec toolkit today. With the implementation being relatively easy and quick, while also being quite inexpensive, you must not think twice about having a MFA flow in your application or service. So let’s make life tough for the hackers shall we?
Only a proactive approach will help you survive in 2023 and beyond. Stay safe!