The Risks of Cloud Computing
Cloud computing brings many benefits to enterprise-level organizations but it’s not risk-free. Here’s a quick primer of what cloud computing is, the risks involved and how organizations can minimize the risks of cloud computing.
What is cloud computing?
Simply put: Cloud computing is moving your computing service to the internet using a third-party provider. There are three options: infrastructure, platform and software as a service. The infrastructure option means your organization has the servers onsite, but your provider manages your network virtually. A platform as a service provides infrastructure tools for development that you don’t manage yourself and software as a service (SaaS) is software managed externally. With SaaS, you employ a team of third-party experts to run and manage the solution instead of building in-house. SaaS examples include Echoworx’s OneWorld encryption solution, Office 365 or Salesforce.
The benefits of cloud computing
Using a cloud service lets you rely on your service provider to protect your data from breaches and gives you global access to your data through the internet. Many organizations use cloud computing because they don’t have the expertise to manage the risks and ongoing vulnerability mitigations and resolutions associated with local storage and security.
According to a recent EY Global Information Security Survey, only 8 per cent of organizations have information security functions that fully meet their needs. This same report indicates that 52 per cent of organizations are prioritizing cloud computing for their cybersecurity spending this year.
What are the risks of uploading to the cloud?
There’s a financial risk to uploading data to the cloud when it comes to privacy regulations and breach outcomes. For example, under the General Data Protection Regulation (GDPR), fines for exposing citizen data are hefty—up to €20M or4 per cent of your annual revenue! If your company exposes credit card or other personal information, your entire business could be at risk due to lost consumer trust.
How has the cloud evolved?
Initially, when untested cloud services emerged on the scene, many organizations continued to retain their computer service in-house over security concerns. But, over the last decade, cloud services have evolved into proven and secure platforms – providing effective protection for sensitive data.
Organizations are now comfortable with the cloud infrastructure from a security perspective because certified cloud providers treat data with integrity through privacy, data access controls and auditing.
How can an organization insulate itself from cloud risks?
Although cloud security mostly depends on your service provider, you can minimize risk in two ways. First, select a cloud service which provides management and risk management for you. Make sure any cloud service is audited and certified – with certifications like SOC2 and PCI.
The second way to minimize risk comes from within your organization. You need experts that understand cloud solution architecture and risk management processes and procedures. These experts can help you understand the risk and protect your organization by choosing the right cloud service provider. They can also help you understand whether your cloud computing investment has ROI potential. For example, a recent Forrester Total Economic Impact™ study, revealed that a typical enterprise-level organization using Echoworx’s OneWorld encryption platform can expect an ROI of 155 per cent—with $793K in avoided costs of legacy on-premises solutions.
What You Should Do Now
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