Modern times call for modern solutions—both personally and professionally. When you use your smartphone, you have the option to back your data up to the cloud. The same goes for businesses. Companies can use cloud storage and store data remotely instead of onsite, which can offer more protection in the long run in some ways. Additionally, the cloud is convenient, and that's why people and companies are drawn to its power.
However, with modern technology also come modern dilemmas. Today, risk factors, such as cyber theft and hacking, pose real threats to information stored online. With the proper security in place, however, it's possible to defend your data from would-be bad actors. It's a matter of knowing how to protect it and employing the right strategies.
But before you can do that, you have to ask yourself: what are the security risks of cloud computing?
What Does It Mean to Use the Cloud?
In today's technological era, it's not uncommon to hear someone refer to the cloud when discussing data security. However, you might find yourself wondering what that means exactly. Simply put, the cloud—also known and referred to as cloud storage or cloud computing—refers to the internet, but it's a little more complex than that.
When someone uses the cloud, they are accessing programs or data over the internet as opposed to from their own hard drive. This allows individuals and workers to complete tasks and access their programs from anywhere.
Why Use the Cloud?
There are many reasons why companies would opt to use cloud infrastructure over local hardware. First, it's incredibly convenient. With cloud-based options, it's easy to access all kinds of data and information, even programs, from anywhere in the world as long as you have the proper credentials. This removes the limitations of carrying a hard drive or working in a single location.
One prime example of cloud-based programs is email—most people can sign into their account on their devices and access its contents from anywhere in the world as long as they have an internet connection. Google cloud is one such example.
Another reason people flock to cloud solutions is that it offers a way to back up data to something other than hardware, which can fail or suffer physical damage. Backing it up to the cloud gives people more security in knowing that should a hard drive fail, get stolen, or be damaged, there's still another avenue to access the information stored on it.
Why Does Cloud Computing Pose a Risk?
When you store data on your own infrastructure, typically, only those with access to the infrastructure can do harm. With cloud computing, if there aren't proper security protocols in place, information can fall into the hands of anyone who knows how to get around cloud infrastructure—and not everyone has good intentions.
There's a greater potential for bad actors to gain access to the public cloud than there is to physical infrastructure.
Why Does Cloud Computing Need Security Systems in Place?
No matter what type of device you use, it needs some form of security system in place. However, this is especially true when you back up data online or use cloud-based programs to run day-to-day operations. The data you save isn't just on a local machine anymore; it's out in the vast world of the internet, where millions of people can stumble upon it—intentionally or not. This is where cyber security solutions come into play.
It's possible for a hacker or cyber attacker to gain access to your machines and networks through the cloud as well. Enhancing cloud security can help prevent this from happening, but it's equally important to implement security safeguards on computers, networks, servers, and frameworks.
With the proper security in place, it's possible to protect against several issues. For example, data recovery in the event of data loss, whether from internal or external sources. Security also helps safeguard against data theft and can help minimize the risk of data leaks.
What Are the Main Cloud Security Issues
There are a number of security issues that one needs to be aware of when using the cloud. A strategy should always be in place to safeguard against these top threats:
Cyberattacks and Hackers
There have been several harrowing tales of cyberattacks —from attacks that simply took a website offline to those that included a demand for millions of dollars for the return of data and the threat of exposure should the company not follow through. The fact that people know these attacks are possible doesn't mean they're prepared to deal with one.
Criminals carrying out cyberattacks, and those hacking systems, have intricate knowledge of how to bring a site down and how to grab sometimes completely unseen. Companies often don't find out about the data breach until it's too late.
Account Hijacking
Account hijacking is a serious issue that plagues individuals and businesses alike. This is one of the main reasons why companies push for strong passwords, ones that are too complex to guess. For a business, a bad actor gaining hacking into a company account can wreak havoc, depending on the credentials of the account holder. If it's an executive who has access to the majority of the business accounts, it can spell disaster.
With cloud computing security, sometimes the data breach isn't discovered in a timely manner, and that can cause millions of dollars in damage.
Malicious Insiders
Many companies like to believe they hire only the best, most reliable and trustworthy workers, but the fact is nearly anyone can turn on a company. Sometimes money is the motivation, sometimes it's about revenge, and in some extreme cases, it's a competitor infiltrating a company.
These malicious insiders can do a lot of damage quickly. They already have the credentials that allow them to access the company's network, the programs it uses, and the cloud, where all of the important information is stored.
With cloud systems, it's not as simple as rooting out the culprit immediately, as you could with an in-house network. Access can come from anywhere on the public internet, and then when you mix in other factors, such as incorrect security settings, things can go awry fast.
Unauthorized Data Sharing
One of cloud data's perks—and downfalls—is that sharing is easy. Because it's easily accessible via the internet, people can share documents, programs, or reports by simply sending out a link. However, this can attract cybercriminals who can get around the access controls. Even password-protected documents are susceptible to the wrong hands inadvertently, sometimes.
Further, someone wishing to harm the company could easily share the information with an unauthorized user. This breach can go unnoticed unless robust security protocols are in place.
Incorrect Security Settings
It's not enough to have security; the cloud computing security settings must be failproof. In order to set it up properly, it has to account for every possible eventuality. For many companies, that simply isn't possible. Sometimes, even the most skilled technician isn't aware of a type of threat until it happens. Add in the fact that new threats crop up all the time, and it's difficult to prepare for what hasn't happened yet.
However, staying on top of security developments and the discovery of new threats—even if they haven't happened to a company yet—can help create secure systems.
Another factor that can lead to misconfiguration is the fact that many cloud services are outsourced, meaning the settings and configurations typically aren't visible to the organization using the service. They rely on the provider to ensure their safety, and in some cases, this can lead to a big failure.
Insecure Interface
When someone hires a cloud service, the provider has implemented user-friendly interfaces for ease of execution. However, it's up to the company using the service to secure it properly. Then, there's the fact that the documentation drafted to help customers navigate their interfaces and set them up properly might be widely available on the internet. Cybercriminals could access the documents and figure out how to break through a company's settings.
What Are the Security Risks I Need to Worry About?
In addition to cyber security risks, cloud computing risks are associated with any of these threats:
Intellectual Property Theft
For many companies, intellectual property is worth more than the business itself. It's what lets them stand out from the competition. But with any type of intellectual property, there's always someone waiting to get their hands on the information. Many cyberattacks are carried out with this in mind. The worst part is that criminals sometimes get their hands on sensitive data with the unwitting help of company employees.
Malware Attacks
As mentioned previously, cyberattacks happen on a regular basis. Even when security protocols are updated, hackers find a way around them, even if it means developing a new means of getting past a system that's in place.
Malware is everywhere. It could be as simple as clicking a bad link in an email or a social media account. The best way to safeguard against it is to be proactive. Have security protocols in place—caution employees about opening anything that looks fishy and to run it by an IT team member before doing anything. If they've already clicked on a suspicious link or notice anything out of sorts, quick action is necessary to shut down a potential data breach.
Denial-of-Service Attacks
A denial-of-service attack occurs when an otherwise authorized user is unable to access their devices, a website, or a network because of a bad actor. Basically, it involves targeting and overloading the device, site, or program with traffic that simply makes it impossible for the authorized user to gain access.
Cloud computing services overloaded with traffic will prevent entire swaths of users from accessing the tools they need to do their jobs and, therefore, hinder a company's day-to-day operations. In some instances, the cybercriminal may demand a ransom to cease the attack.
Loss of Revenue
This one is something that's often overlooked. It's easy to focus on the direct threats, but the fact is that improper security protocols could lead to far more devastating outcomes—including the loss of revenue. In some instances, this loss could be the nail in the coffin of a company, forcing it to close its doors.
Loss of Customer Trust
If cybersecurity remains a constant issue, it can eventually lead to a loss of customer trust. This is especially true in instances where a customer's sensitive data is exposed. Coupled with loss of revenue, this can severely impact a business's performance. After all, if customers leave to find another company to fit their needs—one with reliable security measures in place—there will be no income. This is one reason why security protocols and access management controls are imperative.
Can I Avoid Security Risks When Using the Cloud?
Absolutely! If there were no way to avoid security risks, the cloud wouldn't be an ironclad option for thousands of businesses—even Fortune 500 companies utilize it. In order to avoid security risks, it's important to nip them in the bud long before they ever become issues.
What Are the Best Risk Prevention Methods When Using Cloud Computing?
You can implement several risk prevention methods to mitigate damage when it comes to cloud computing. A successful security system includes the following:
Education
Educating your employees is one of the most important things you can do. It should be the top priority, and continuing education is important as new updates and information roll out.
Every single employee should be trained in mitigating security risks as it affects every person in a company. Training can help inform your workers of good practices to employ, especially if they encounter one of the security issues or concerns outlined above.
There are ways to test retention with spoof emails, though this should be done sparingly.
Limit Access
This cannot be stressed enough. Just like you issue credentials to employees to access only the software and data needed to complete their jobs, it's important to set up proper access management controls for the cloud. Doing so can prevent future headaches from malicious criminals and employee mistakes if they gain access to an app or data and accidentally modify something in error.
Try Single Sign-on Authentication
Do away with passwords, where applicable. They're far too susceptible. Another secure option to try is single sign-on authentication, which allows employees to access all the tools they need—applications or specific websites—with a single set of credentials. This can help limit the number of times a person needs to reset passwords, and it can help ensure there are no other access barriers.
Encryption
You don't just need encryption for hardware, servers, and networks in your possession; it's just as important when using the cloud. This helps secure the data you send out. In addition, it's critical to keep your encryption keys separate from your data.
With a cloud provider, it's even more important to hold those encryption keys close to the vest. That ensures no third-party, not even the cloud service provider, can access your data. Any requests for information will need to go through the owner—you.
Backup Plan(s)
At the very least, you should have a backup plan. Nothing—not even the best cloud security solution—is foolproof. To prevent widespread, lasting outages, it's important to have a plan B.
This means that even though you're relying on cloud storage to hold your data, you should also have access to it elsewhere. Don't delay in instilling this practice either, and when you do, make sure you back up the data often—even daily. This can help ensure that not only is the most up-to-date data available but that your company is in the habit of securing your livelihood on a regular basis.
Is It Worth It or Safer to Migrate My Data to the Cloud?
There are a number of reasons why it's not only ideal but also safer to migrate data to the cloud. First, it's often more cost-effective to adopt cloud technology. It doesn't require a full-time, full-scale IT team onsite. Additionally, despite the risks involved—which still exist with onsite storage systems—the cloud has been around long enough that plenty of security safeguards are in place.
Reliability is also a significant factor in cloud migration. When you choose a cloud service provider that's been in the business with a proven track record, you won't have to worry about accessibility.
How Do I Bolster Security in Cloud Computing?
In addition to taking the security steps mentioned above, there are a few other ways to bolster cybersecurity against internal and external threats.
For highly sensitive data or information, employing multi-factor authentication, a process where users provide multiple pieces of data to verify their identity, can help.
Employing automated solutions that both detect and head intruders off at the pass will go a long way in keeping bad actors out.
How Do I Know If I'm Vulnerable in the Cloud?
Most companies only know about vulnerabilities in the cloud once a weakness has been exposed. However, periodic testing can help reveal those weaknesses before they become problematic. Hiring someone to test for cloud security threats can also identify issues and concerns that need addressing to create a strong fortress.
How Can RiskRecon Help Me?
RiskRecon, a Mastercard Company can help you to minimize your risk. We do a deep assessment, which means looking at every nook and cranny of your cybersecurity setup to identify risk factors. We work with businesses of all scales, from third-party vendors to enterprises with robust security challenges.
Contact us today to see what we can do for you.
