Many SAP customers have outsourced the operation of their SAP systems in order to save cost. In doing so, they entrust their most critical data to a hosting provider, potentially sharing the same SAP server with a number of companies and organizations unknown to them. These companies and organizations virtually sit in the same boat, without knowing each other and without trusting each other. They all trust in the ability of their hosting provider to run their operating environment in a secure way, though. But how secure is hosted data in a SAP environment? This talk demonstrates various risks and attack vectors. It covers vulnerabilities and backdoors in the SAP standard (including several zero-days discovered by Virtual Forge) and how they could be used in order to access hosted SAP data. It also covers risks introduced by custom coding provided by any of the hosted parties. The talk also provides valuable advice for SAP customers that rely on hosting providers. And what the providers should do in order to run their installations safer.