Businesses these days are using cloud services to host their business data and other assets that provide multiple benefits, including ease of access, scalability, and data management. Organizations all over the world use cloud-based services like software-as-a-service (SaaS), platform-as-a-service (PaaS), or infrastructure-as-a-service (IaaS). These cloud assessment services help corporates grow their capabilities while minimizing their capital expenditures and labor costs for adding new technological solutions. As per a study, Gartner predicts businesses spending on cloud services to reach $482 billion by the end of 2022. Moreover, by 2026, cloud spending will exceed 45% of all enterprise IT spending. This spontaneous growth in cloud computing increases the security risks among business data. Let’s take a comprehensive look at some of the top cloud computing security risks;
Misconfigured Cloud Storage:
Cloud storage is one of the critical sources of stolen data for cybercriminals. Despite the high stakes, businesses continue to make the mistake of misconfiguration of cloud storage, which has significant cost several companies. As per a study by Symantec, nearly 70 million records were stolen or leaked in 2018 because of misconfigured cloud storage buckets. The study also focuses on the emergence of different tools that allow attackers to detect misconfigured cloud storage to target. Some of the most common configuration problems found within cloud infrastructure include:
- Insecure resource access controls
- Publicly accessible storage buckets
- Exposed credentials in public repositories
As most cloud breaches stem from misconfiguration, constant monitoring for cloud misconfigurations becomes paramount.
Lack of secure API (Application User Interface):
Application user interfaces (APIs) are intended to streamline cloud computing processes. However, if left insecure, APIs can open lines of communications for cyber attackers to exploit cloud resources. Some APIs are built into the mobile applications or on your web to offer access by the company employee or an external user. The developers need to design APIs with strong authentication, access control, and encryption to prevent insecure APIs. This can make the APIs more secure.
Reduced Infrastructure Visibility:
Using a third-party provider for cloud solutions means you hand over partial control of your infrastructure to the cloud service provider. In such cases, your organization doesn’t own the physical infrastructure, making it harder to fully understand your infrastructure and resource uses, particularly without the right technical expertise. While these CSPs handle your physical infrastructure management, it is still your responsibility to ensure the data and application workloads in the cloud remain secure.
Loss or Theft of Intellectual Property:
Intellectual property is indisputably among the most valued assets of an organization, and it is also exposed to security threats, particularly if the data is stored online. The IP is the data they own for many organizations, and data loss means they lose their IP. When these cloud services are breached, attackers can access sensitive information stored in them. This makes it essential to take preventive measures to safeguard your intellectual property and data in a cloud environment.
It is essential to understand the cloud service provider’s steps to ensure your company’s assets are effectively secured. To help mitigate risks, it is best to have cyber security software solutions in Pakistan on your side for cloud assessment services for your company. With the right technology, cloud security experts, and forethought, companies can leverage the benefits of cloud computing.