The Crucial Investment for Financial Services SaaS Security

Your Journey to Safer SaaS Starts Now

Get tips to evaluate SaaS security solutions

Fortify Your SaaS Portfolio

SaaS platforms are great for boosting efficiency and managing data, but as they increasingly handle sensitive information, securing them becomes crucial. But the complexity of SaaS systems and their distributed ownership often leads to security gaps.

Considering the massive $197 billion that financial services spent on SaaS in 2023¹, their investment in security seems minimal.

300%

Increase in financial services cyber attacks over the past decade²

52%

of financial services organizations still rely on manual SaaS cybersecurity audits³

$5.9M

is the average cost of a financial services data breach⁴

SaaS Can Create a Wealth of Attack Points

Privileged users such as IT administrators, the C-suite, and finance and HR departments

Remote workers who expand the attack surface onto personal networks and devices

Shared workstation employees such as bank tellers and call center staff

High-risk transactions such as those done by trading and brokerage employees

It all adds up to a critical need: comprehensive SaaS security. Kickstart your strategy with the five best practices in our infographic.

SaaS is a Critical Part of Your Operations

If your organization is anything like the typical financial services enterprise, you have more than 42 distinct third-party apps and integrations connected to your SaaS environment powering the most crucial areas of your operations:

Online banking

Insurance

Brokerage / market intelligence

Loans

Billing and collections

Credit

Customer insights

Internal Operations

Your customers count on you to protect their sensitive financial data, but AppOmni research shows that SaaS app misconfigurations are one of the most common ways for cybercriminals to gain access to PII data. Add unauthorized third-party app connections to the mix, and you have conditions ripe for a data breach.

Data security isn’t just about building trust in an industry where brand affinity is hard to come by — you also have to tackle the required annual disclosures to the SEC about your risk management, compliance strategy, and cybersecurity governance.

SSPM Has Become a Security Imperative

SaaS security posture management (SSPM) automates, operationalizes, and standardizes the identification of security risks in your SaaS applications. SSPM gives you centralized visibility and governance of your critical SaaS applications — making it an important toolkit for customer trust and compliance.

Use your SSPM platform to: