The concept of cloud computing was invented and introduced in the market in the 1960s. Since then, rapid invention and the groundbreaking technology of the internet has led to its increased prevalence in the market. According to cloud usage statistics, it is estimated that 90% of all global companies have a cloud presence, with over 60% of their workloads running through hosted cloud services and platforms. Cloud computing, however, does pose some significant digital security risks. Here are the most prominent risks businesses should consider.
Data breaches
It is estimated that 21% of all data stored in cloud media is classifiable as sensitive. Unfortunately, not all of such sensitive data is stored or retrieved using the strict regulations of safe data handling. Businesses whose data gets exposed through data breaches may suffer substantially with repercussions, including loss of intellectual property rights and damaged reputations. Two viable solutions, mainly data encryption and multi-factor access control, have been provided to the market.
Loss of data
Data loss involves situations where data stored in cloud media get inadvertently or intentionally lost. In this digital era, loss of data is commonly associated with unsafe data handling practices, such as leaving computers unattended and unsecured. Other practices that may lead to loss of data include failure to backup data accordingly.
Lapses in compliance
The entire digital sector is highly regulated by the government as well as internal corporate regulations. Companies and individuals are required to adhere to these regulations. Unfortunately, not all companies are compliant, with some engaging in substandard practices that lead to corporate exposure to digital security risks. With there being various digital data handling regulations by governments and institutions, it is essential for companies to review regulations annually. They must be sure to train employees in proper protocols to prevent related security lapses.
Identity management
More and more companies are basing their operations on cloud platforms. These businesses face a logistical cybersecurity nightmare, especially when regulating and monitoring access to the cloud platforms. Identity management should be exclusively used in combination with strong authentication mechanisms. Unfortunately, cybercriminals are finding loopholes in the multiple access configurations of hosted cloud workplaces. The more individuals with access to a business’ cloud platform, the higher the chances of there being a significant security lapse as a result of complacency.