A cyber risk score is a numerical representation of a SaaS company’s risk of suffering a data breach. It is calculated using a variety of factors, including the type and number of sensitive data stored, the level of security measures in place, and the organization’s history of data breaches. Cyber risk scores can help a SaaS company identify areas where they are most vulnerable to attack and take steps to improve their security.
Let’s first define risk. Cyber risk represents the intersection of assets, threats, and vulnerabilities. In other words:
Threats + Vulnerability = Risk
Your SaaS company’s cyber risk level is a straightforward picture of your vulnerability to cybercrime. Your score considers the threats and vulnerabilities your SaaS could be exposed to.
A lower cyber risk score generally indicates greater cyber hygiene, stronger security practices, and can even lead to reducing cyber insurance premiums over time.
How a Cyber Risk Score is Calculated by Cover Your SaaS
We first determines where your business is vulnerable by performing a virtual breach scan, a certificate scan, and a port scan.
Port scans are one of the most common ways to calculate these scores, and they can be used to help assess the risk of a potential attack.
Port scans are used to identify open ports on a system, which can then be exploited by attackers. By knowing which ports are open, attackers can more easily target a system. Cyber risk scores take into account the number of open ports on a system, as well as other factors such as the type of operating system in use and the age of the system.
65% of unauthorized access comes through 3 ports. Cover Your SaaS checks the external surface for open network ports and divides them into 4 categories:
- Normal ports
- Risky ports
- Administrative ports
- Other ports
Port scans are just one part of calculating a cyber risk score, but they can be a valuable tool in assessing the risk of an attack.
Cyber risk scores take into account a variety of factors, including the number of certificates expired or due to expire, the number of days since the last scan was performed, and the Certificate Authority (CA) issuing the certificates. By analyzing these factors, organizations can get a better sense of their cyber risks and make informed decisions about how to mitigate them.
Certificates protect your online identity and communication.
Certificates ensure that:
- No one has read your message
- No one has changed your message
- You are communicating with the intended entity
Without certificates, communications are susceptible to hijacking, identity spoofing, data loss, and denial of service.
These scans can identify vulnerabilities in systems and network infrastructure that could be exploited by attackers. Public breaches often contain various data classes that malicious actors can exploit to conduct further attacks against targeted organizations. Some of the most common types of data obtained from public breaches are username, email address, and password. 28% of data breaches in 2020 involved the use of stolen credentials.
How Can You Cover Your SaaS?
An integrated risk management plan is a necessity. Identifying your SaaS’ cyber risk score is a great starting point. But understanding and managing your full cyber risk profile requires a comprehensive approach. Cover Your SaaS’ integrated solution can help you!