Ransomware attackers targets data-heavy SaaS applications

SaaS news this week (Feb 15-Feb 25, 2021): Ransomware Attackers Target SaaS Companies, India Quotient looking to raise $80 Mn. and more
Ransomware attackers targets data-heavy SaaS applications

SaaS apps emerge as fresh prey for ransomware

Software-as-a-service (SaaS) applications have emerged as a new target for ransomware, and had the highest count of vulnerabilities that were seen trending with active exploits.

        “We saw ransomware targeting 12 SaaS products with 47 vulnerabilities. We also found that 19 of these Common Vulnerabilities and Exposures (CVEs) are trending between 2018 and 2020,” pointed out a study report ‘Ransomware Through the Lens of Threat and Vulnerability Management’ by Chennai-based Cyber Security Works (CSW)

Total vulnerabilities associated with ransomware quadrupled from 57 in 2019 to 223 in 2020. 89% of Indian IT leaders are concerned about data protection from ransomware as there has been a 31% increase in ransomware attacks on Indian organizations and their data was exposed on the dark web during the pandemic in 2020.

Emerging Financial Instruments Succour SaaS Founders to Avoid Dilution

Innovative ways to finance startups may just be beginning as more information is ingested about SaaS companies and SaaS economy in general. Companies now entering the market are looking at SaaS numbers and recurring revenue as a way to help startups with cash flow. Its subscription-based business models can lead to cash flow issues for new and smaller entries to the market. That issue leads many to look at funding or venture debt.

Capchase and Founderpath are two of the handful of platforms looking to lend based on a company’s monthly, quarterly or annual recurring revenue. If approved, Capchase will loan the company their ARR minus the discount, meaning the company can pay off the loan in 12 months with its monthly recurring revenue.

Collective: A New SaaS for freelancers collectives

Freelancers who work well together in teams are the target for Collective, a French startup which covers expenses during the first 18 months.

For teams of skilled indie workers the lure of Collective is a promise that it combines the benefits of working in an agency — because its SaaS platform automates a bunch of back-office functions like marketplace visibility, proposals, invoices, contracts and payments — with the flexibility of still being freelance and thus able to pick and choose projects and clients.

    “What we’re seeing is the very beginning of the teamwork revolution.” adds de Rauglaudre in a statement. 

So far 18 collectives have been formed on its marketplace, comprising more than 150 freelancers in total. Collective also says it’s speaking with more than 80 companies as it starts its push for scale. The business model at this stage is for it to charge markup (5%-15%) on the client side.

India Quotient Expected To Invest In D2C, SaaS Startups

Mumbai-based venture capital firm India Quotient announced the launch of the fourth fund where it is looking to raise $80 Mn to invest in direct-to-consumer (D2C), enterprise Tech, EdTech, fintech and social media startups. The VC firm said that it is looking to raise at least half of the capital from domestic investors, particularly family offices, and remaining from global investors.

    “We are expanding our global investor base and will work with about 20 family offices in India. These business houses bring us credibility, access to markets and insights, which will give us access to investments that were hitherto available only to overseas money,” Sinha said. 

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