A cyber attack is one of the worst things that can happen to SaaS companies and their investors. In these attacks, hackers set out to steal as much information as possible, leaving your company liable and your users exposed.
In the last year alone, cyber attacks have grown even more prevalent, with attacks on companies spanning the globe—and no signs of the attacks stopping anytime soon. It’s no secret that extra protective measures are not just necessary, but absolutely non-negotiable. So, what can you do to help protect your SaaS investment from a cyber attack? Read on to learn more.
Before you and the company you’ve invested in decide on a plan, before any measures are taken, the first step to protecting your investment is to prepare for anything. This means you need to do your research to try to fully understand the world of cyber attacks, enabling you to gain context to build the necessary measures of protection.
This effort should not just sit at the company level. Investors, too, should emphasize research and prevention, in order to protect their investment.
Keep up With Encryption
Believe it or not, hackers aren’t after the major secrets of your investment’s platform or even their company. They’re after run-of-the-mill user information that often gets stored without a second thought. This information includes user data, social security numbers, banking account and routing numbers, birthdays, and more.
This is why it’s vital to push for well-encrypted data to properly protect your investment. Data encryption can be worked out in a matter of minutes and it’s a huge measure of protection against cyber attacks, therefore well worth the price.
It’s smart to reach out to your invested company and ask about their encryption. Even better, if you’re currently looking for companies to invest in, this should be one of the first questions asked. It will help ensure that you place your investment within a trusted company.
Focus on Security Culture
It simply isn’t enough for a SaaS company to treat cyber security as an afterthought. The company should have a culture built around the safety and security of its user data, making these measures one of their primary focuses. As an investor, you play a key role in the success of your chosen SaaS company.
Aside from the encryption of data and attack-ready research, you should push for or ensure your investment will be held safely in the hands of a company who takes security seriously.
Pay Attention to Hardware
When we think of cyber attacks, we often think of hackers putting hours into cracking codes and infiltrating our data systems from miles away. While this does in fact happen, it shouldn’t be the only focus as far as security is concerned. One critical avenue of attack that is often overlooked is actually company hardware.
As scary as it is, cyber attackers need not always have to work so hard to steal customer data. Sometimes, all it takes is a lost or stolen company phone, computer, or jump drive.
Ensure the company who holds your investment is protecting their hardware just as much, if not more, than their digital data. Look at company policies revolving around hardware from taking it out to bringing in personal jump drives, and make sure the company is keeping tabs on who takes hardware to and from work.
Select the Right Platform
For both SaaS companies and their investors, cyber security is by far the most important aspect of their relationship. Digital data, as well as hardware, needs to be protected at all costs in order for both parties to flourish and keep their users’ data safe and secure.
The last way to protect your Saas investment from a cyber attack is ensuring your invested company is using the right payment platform. Does the platform simply accept and store payments? Or is it a full-stack platform complete with security, monitoring, and extra safety measures? Picking the right platform can make (or break) your investment— choose carefully.
The right platform can make all the difference in protecting your investment. Encourage your invested company to try a free demo today.