Technological inventions are taking over the world rapidly. Businesses have shifted from the traditional markets to Saas Security Market. This humanly advancement has been made possible and real due to the new technology called as SaaS (Software as a service) which has simplified and drastically changed the business game. Instead of purchasing the entire software suite, SaaS models enable the companies to enroll for subscription based tools which are rented for a monthly or an annual basis.
Basically, SaaS stands for ‘Software as a Service’.In layman terms, it's a bunch of softwares or tools for you to do your job. These applications are hosted online and made available to the customers. They're all over , everywhere. SaaS remains one of the most important and widely used concepts in cloud computing alongside IaaS and PaaS - Infrastructure & Product as a Service , respectively.
It enables companies to run their business seamlessly by freeing them of the need to install various hard wares and software which cost a ton.
While companies majorly avail its ‘Pay-to-go’ features, it does possess some amount of potential disadvantage however, let's look into the global SaaS security market and understand its fundamentals.
Upcoming enterprises as well as established organizations are adapting to Software as a service business model to fight the approaching competition.Be it small startups or a multinational company, it's imperative to be a sassy vendor to be at the top of your game.
While you strive hard to get an insane reach , there do exist people out there in the concrete woods ready to steal your precious data and its absolutely necessary to safeguard your company. Well, before you go ahead with competing with the top giants it is highly recommendable to look into the global and national SaaS security market to gain insights from the best.
COVID-19 Impact on the SaaS Security Market
The COVID-19 lockdown has made regulatory changes in public and private sectors to undertake new practices to get business running even while maintaining social distancing.Thenceforth, the new business continuity plan (BCP) has emerged as the new Netiquette.The omnipresent use of BYOD devices, WFH trends had led to an increase in more and more companies to use cloud solutions and SaaS security measures against cyber attacks.
The global SaaS security markets in the period of 2018-2022 are expected to grow at a CAGR of 22.19%.India is among the fastest-growing digital markets in the world with an exponential growth rate of 34% every year. Indian data market is expected to be $3.4 Billion by 2022 while the Global Market will be in the $129 Billion race.
SaaS security regions
The global SaaS security industry market is dissected into five major regions. Further On each regional market is sub-segmented into countries and below. However the top major regions are:
- North America
- Asia-Pacific (APAC)
- Middle East and
- Africa (MEA) and South America (SAM)
North America leading with 44% as the largest market share holder in 2016 has adopted cloud services as features like free capital expenditure, automatic software update and data access are available which has escalated the need for data security whereas Asia pacific is speculated to grow at CAGR of 31% which is the highest in the SaaS security market.The collaborative effort of Artificial intelligence (AI) and machine learning has been observed to chance the North American customer services. Companies like Symantec Corporation, Google Inc., Fujitsu Ltd., Amazon.com Inc., IBM Corporation are a few top key players leading in the market.
Predicting the market growth of 20.9% CAGR , the Europe Software as a service (SaaS) market will emerge as a power during the forecast period (2018-2014). As for the Asia-Pacific region , Japan leads with 40% of the SaaS expense. While maintaining functionality and considering ‘cost efficiency’ as their primary concern the Asian markets are still expanding their resources.
Top Examples of SaaS Applications
With an insane number of downloads for the Zoom app during the 2020 Lock down, it is a famous example as it allows one to conduct high quality video conferences for a large crowd using cloud computing. While Yoga Aunties and Dance masters are going gaga over the app let’s keep the technicalities to the tech sassy people.
An extremely popular tool Canva is alone in the SaaS game as it allows the users to create mind blowing designs from a pool of designer templates and graphical elements. Canva is quite famous among all creators who need visual content for their work.
Pretty sure you’ve used Google docs a hundred times, it's a SaaS as well, as it enables anyone to edit or view your document by simple logging into it. It's one of the simplest forms of cloud based computing since you can access Excel, Presentations, Meets etc by a working email address. With its Cost effective features , Machine learning data analytics India , is one of the leading countries wherein numerous startups are coming up with customized products and solutions for their clients.
As proud as this is growth also makes these initial yet to be giants prone to security attacks and data breaches. Therefore, it's important to learn and understand the SaaS security market , its necessity, precautions, risks and solutions and be at the top of your game.
Risks associated with SaaS Market
Not having a secure setup can lead to various disadvantages and vulnerabilities. Here’s a list of things for you to know and understand what could go wrong and create bumps in your startup journey.
A method to gather personal credentials using deceptive emails and websites. This increasingly sophisticated form of cyber attack has many companies in its shackles. In Phishing, hackers trick the users by disguising themselves as someone the user trusts. This could be a close friend or a trustworthy company’s disguise. The logic is to create a bait for people to fall prey to such imposters which attack your details with their fake emails, links, messages etc.
ATO (Account Takeovers)
Account takeovers or commonly known as ATO is a fast growing form of identity theft where data security is compromised. It is the malicious access of an online account by a fraudster posing as a genuine customer and making unauthorized transactions.
In Broad Terms, Data breach means your data falling into the hands of someone who has no business handling it. Data breach can be intentional as well as unintentional. At times, users or employees are not careful enough with their sensitive information making their data vulnerable and prone to falling into the wrong hands.
For safe keeping your interests, policies, sensitive data and especially your hard work it is important for you to protect your information as if it's a dear one. Having passwords for all your information is a necessary thing to do however, it's not enough. It's time to step up and take the blockade to the next level . So here are a few mandatory Precautions and Solutions for safeguarding your data from risks and problems.
Precautions & Solutions
Educate your employees
First of all, an angry employee is a major vulnerability for any company. Be nice to your employees and educate them about the strong 8 Characters long passwords. Train them on how they can mistakenly leak the company’s data and how to avoid doing so.Make them aware about using their personal social media accounts using a personal setup instead of the organization’s for additional security. Along with this, providing security training for enforcing two-factor authentication and RBCA (Role based access) can be rendered helpful.
Cohesive Security Culture
Following a strict standard and cohesive security culture will save you a big time trouble and this simply includes following simple tasks like ‘Getting rid of paper’. Any information on paper that might track down your data should be shredded immediately once it's no longer needed. This includes any sort of document, receipts with account details, transaction papers etc.
Hiring a Security resource
Investing in a person who will look after your data and its security is far better than handling it yourself. It is advisable to invest in a security engineer who will deal efficiently with the organization’s security matters.
Educate your customers
Educating your customers is highly recommended.Ensure that your customers are well aware about online fraudsters and ATO. Help them to understand the safety measures required to protect their data . This will also give you a few extra brownie points as you care for your customers and will surely gain their trust.One doesn’t have to be convinced about the importance of security. It is always accurate to be in control of all your belongings.
Hard Work doesn’t happen overnight and therefore, it is imperative to rectify and amend the necessary steps for you to reach your goals.