Software-as-a-service (SaaS) applications are more in use than ever before. Almost every company uses either one or the other SaaS application on a daily basis. The global SaaS market size is expected to reach $185.8 billion by 2024 as businesses move online and adapt to the cloud for an agile and lean growth model.
However, most companies operate under the misconception that SaaS providers are responsible for the protection of their data. In the 2020 IT Operations Survey Report, about 60% of the participants — IT leaders, IT managers and technicians from small and midsize businesses (SMBs) — believed that their data remains private and secure in the cloud, which is true but only to a certain extent. And only one-third of the SMBs backed up their SaaS application data.
There are significant limitations to SaaS data protection provided by cloud vendors. While cloud service providers do manage the network, OS and application side of things, the companies themselves are responsible for the data housed in the cloud and on cloud applications.
