Despite the conceptual importance of security perceptions in contributing to client satisfaction, no study has yet
provided empirical evidence of the link. We argue that because security perceptions are highly subjective and
depend on the client’s experiences, it is necessary to identify the perceived value of security in order to explain
its effect on security. We adapt a recent model of SaaS satisfaction to include security and perceived value, and
test the model on a sample of 135 SaaS clients. We find a significant positive relationship between security
and satisfaction when mediated by perceived value. We also present an unmediated model in which security
is not significant.