Protecting your data in the cloud: Tips for managing risks

BY IYABODE ATOYEBI

The ease and flexibility of cloud computing have revolutionised how businesses and individuals handle their data. By 2026, it’s projected that 45% of all IT spending will transition from traditional systems to the cloud, highlighting the growing importance of this technology. However, as more organisations adopt cloud solutions, the challenge of ensuring data security becomes increasingly critical. It’s essential to understand and manage the risks associated with cloud services to protect sensitive information.

Cloud computing offers many benefits, including cost savings, scalability, and easy access. However, these advantages come with significant risks that could jeopardise sensitive information if not properly managed.

One of the biggest concerns for organisations using cloud services is data breaches. According to IBM’s 2023 Cost of a Data Breach Report, the average cost of a data breach is $4.45 million, and 83% of organisations have experienced more than one breach. These breaches often occur due to weak authentication measures, poorly configured cloud settings, or vulnerabilities in shared infrastructure.

Another risk is data loss, which can happen because of accidental deletion, cyberattacks, or natural disasters. A study by the Enterprise Strategy Group (ESG) found that 47% of businesses experienced data loss or corruption in their cloud environments. Such incidents can lead to significant downtime and operational disruptions, making robust data protection strategies essential.

Insider threats also pose a substantial risk to cloud security. According to the Ponemon Institute’s 2023 Insider Threats Report, there has been a 47% increase in insider-related incidents over the past two years, costing companies an average of $11.45 million annually. These threats often arise from employees with privileged access who either misuse their access or unintentionally expose sensitive data.

Additionally, cloud services must comply with various regulations, such as the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and the California Consumer Privacy Act (CCPA). Non-compliance can lead to hefty fines and damage an organisation’s reputation. A Deloitte report indicates that companies spent an average of $1.3 million on GDPR compliance in the first year alone, underscoring the significant financial implications of regulatory adherence.

Furthermore, application programming interfaces (APIs) are crucial for cloud functionality but can also introduce vulnerabilities if not properly secured. A survey by Salt Security found that 91% of organisations experienced security incidents related to insecure APIs. As APIs become more common, securing them is vital to protect cloud-based assets.

Practical tips for data protection

While the risks are significant, implementing the right strategies can help mitigate them effectively. Here are some practical tips for protecting your data in the cloud:

Choose a reputable cloud provider

Selecting the right cloud provider is the first step in securing your data. Opt for providers with robust security features, including data encryption, identity management, and regular security audits. Leading providers like AWS, Microsoft Azure, and Google Cloud Platform adhere to stringent security standards and offer certifications such as ISO 27001 and SOC 2. According to Gartner, by 2025, 99% of cloud security failures will be the customer’s fault, highlighting the importance of choosing a trustworthy provider.

Implement strong authentication mechanisms

Strengthen access controls by implementing multi-factor authentication (MFA) for all user accounts. MFA requires users to provide two or more verification factors, significantly reducing the risk of unauthorised access. Microsoft reports that MFA can block over 99.9% of account compromise attacks, making it a crucial component of cloud security.

Encrypt your data

Data encryption is a fundamental layer of security that protects data both in transit and at rest. According to the Cloud Security Alliance, encryption can reduce the risk of data breaches by 45%. Utilise end-to-end encryption to maintain control over your encryption keys and ensure data privacy. This approach ensures that even if data is intercepted, it remains unreadable without the decryption key.

Monitor and audit cloud activities

Continuous monitoring and auditing of cloud activities help detect anomalies and potential threats. Implement Security Information and Event Management (SIEM) solutions to gather and analyse security data in real-time. According to Gartner, organisations that deploy effective security monitoring can reduce the impact of security incidents by 30%. Regular audits ensure compliance with security policies and help identify areas for improvement.

Educate and train employees

Human error remains one of the leading causes of data breaches. Conduct regular security awareness training to educate employees about cloud security best practices and potential threats. A study by Wombat Security found that organisations with regular training programs saw a 37% reduction in phishing susceptibility. Empowering employees with knowledge and resources to recognise and respond to security threats is vital for maintaining a secure cloud environment.

As the adoption of cloud services continues to rise, so do the associated risks. Protecting your data in the cloud requires a proactive approach, leveraging a combination of advanced technologies, strategic planning, and employee education. By understanding the potential threats and implementing the best practices outlined above, businesses can safely harness the power of the cloud while minimising their risk exposure. In an age where data is the new oil, ensuring its protection is not just a technical necessity but a strategic imperative.

Iyabode Atoyebi is a cybersecurity professional with a master’s degree in cybersecurity and human factors from Bournemouth University. She is focused on governance, risk, and compliance within cyberspace.

Views expressed by contributors are strictly personal and not of TheCable.