Cloud computing services are expected to grow at over $190 billion, according to experts. It is up from over $90 billion in 2015. Cloud computing services have various advantages, the top of which is the lower cost. Additional benefits include swifter time-to-market and enhanced employee productivity. But, keep in mind that data security on the cloud is a top concern that holds back the adoption of cloud services in certain industries. If your business is already on the cloud, it is critical to get an enterprise cloud security service to mitigate your infrastructure risks.
Loss damage or theft of intellectual property
More businesses are storing critical data on the cloud. Experts found that over 20% of files have been uploaded to cloud-based file-sharing programs, and these contain critical data, which includes intellectual property. When a cloud service is put at risk and hacked, cybercriminals can gain entree to this critical data. Because of this, you will need enterprise cloud security to protect your critical business infrastructure.
Violations in compliance and regulatory actions
Currently, a majority of companies operate under some regulatory control of their data and information. Well-known controls are HIPAA for the private health industry and FERPA for academic records. There are also regulatory controls for numerous governments and industries. Under these conditions, companies must know where their data stands and who can gain access to it. They must also know how cloud services are protecting them. Bring your own cloud or BYOC will often violate these rules and regulations and put the organization at risk of non-compliance, which can have severe consequences.
Lost control over end-user actions
When companies are clueless about workers utilizing cloud services, those employees can be doing just about anything imaginable, and no one would know until all is too late. For example, a salesperson who is about to leave a company may download a report of all customer contacts and upload the information to the storage service on the cloud and then utilize that information once the competition hires her or him. The former example is just one of the many threats businesses face today.
Viruses that unleash targeted attacks
Cloud services infrastructure can be utilized as a means of pilfering data. Experts uncovered a new way of exfiltration techniques in which attackers can encode critical data into video files and upload them to social media platforms such as YouTube. It has also been detected that malware can exfiltrate critical data utilizing private Twitter accounts. Cybercriminals utilize file-sharing platforms to pass on the malware to targets via phishing strategies in some malware variants.
Contract breaches with customers and business partners
Contracts among business parties often mitigate how data is utilized and who is authorized to access it. Once employees upload restricted data in the cloud infrastructure without proper authorization, the business contracts may be breached and violated, resulting in legal action. One example is a cloud service that keeps the right to share every data uploaded to the platform with third parties. It thereby breaches confidentiality agreements the company has made with business partners.
Customer trust issues
Breaches of data will inevitably result in weaker trust by customers. In one of the most well-known breaches of credit card data history, cybercriminals could steal millions of credit and debit card numbers from the popular retail store Target. This information breach led customers to avoid Target stores like the plague, which led to a business failure for the company. It had a considerable impact on its revenue.
Data breaches which require notification to the victims
If sensitive data is uploaded on the cloud and hacked, the company is required to reveal the violation and notify potential victims. Specific regulations in the healthcare industry, as well as the EU data protection, require these notifications. After legally mandated disclosures of breaches, regulators can also demand fines against the company. It is not uncommon for customers and consumers whose data was breached to file a lawsuit.
If customers have the faintest hint that their data is being breached and not fully protected, they may take their business to rival companies they can trust. Many experts warn consumers to steer clear of cloud companies that do not offer optimum protection of customer privacy.
Loss of profits
Target’s experience has led to a drop in profits even during the busy holiday seasons. It cost the company over $140,000,000. It was a scandalous case in which even the CEO was forced to resign.
Cloud infrastructure is the future of business but concurrent with its enforcement of enterprise-grade security controls. Keep in mind that hackers who are intent on breaching your critical information are sophisticated. Your business needs to be one step ahead, and you must get expert security to utilize the full benefits of cloud computing while mitigating the risks.