SaaS Security Posture Management (SSPM) solutions are vital for the continuous monitoring of application settings, ensuring robust security, and managing compliance effectively.

As financial services companies increasingly adopt SaaS applications like Salesforce and Microsoft 365, they face the challenge of protecting sensitive data while navigating complex regulatory landscapes.

Regulatory compliance is particularly intricate due to varying requirements across countries, with severe penalties for violations, such as those outlined in the EU's General Data Protection Regulation (GDPR).

These organizations must safeguard sensitive financial data stored off-premises while adhering to regulations like SOC2, SOX ITGC, and DORA.

Data breaches pose significant risks, leading to financial losses, reputational damage, and regulatory fines, which makes SaaS security a critical concern.

Financial services are prime targets for cybercriminals, given the sensitive nature of financial data that can be exploited for identity theft and fraud.

Insider threats also present a major concern, as both malicious and negligent insiders can inadvertently cause data breaches.

To combat these threats, SaaS Identity Threat Detection & Response (ITDR) works alongside SSPM to detect and mitigate risks from users, including insider threats.

Moreover, supply chain attacks can exploit relationships with trusted vendors, highlighting the necessity for vigilance in monitoring third-party applications.

The interconnected nature of SaaS applications expands the attack surface, making comprehensive security measures across systems imperative.

Configuration drifts in SaaS applications can lead to non-compliance, underscoring the need for proactive management and monitoring of application settings.

Implementing both SSPM and ITDR is crucial for financial services companies to protect their assets, maintain compliance, and ensure customer trust.

SSPM solutions help identify configuration drift, simplify compliance management, and protect against supply chain attacks by analyzing application permissions and behavior.