Should you be trusting cloud storage with valuable data?
Storing data in “the cloud” has become enormously popular, yet a lack of understanding about exactly what is okay to store there, and how secure cloud services are, has led to massive security threats becoming commonplace. We would even go so far as to say that most users of cloud storage do not even realize that their data is being stored on remote databases around the world, rather than right there in their home or office.
Seeking greater understanding of the risks involved in the cloud, Netskope and the Ponemon Institute conducted a study, “Data Breach: The Cloud Multiplier Effect”, and the findings are an IT director’s worst nightmare. Here are just a few of the most worrisome:
Every record lost to data breaches is estimated to be worth $201.
Increasing use of cloud services can increase the probability of a $20 million data breach by as much as 3x.
36% of business-critical applications are housed in the cloud, yet IT departments are only aware of just over half.
Every 1 percent increase in the use of cloud services has the potential to result in a 3 percent higher probability of a data breach.
69% of survey respondents said they believed that their organization is not proactive in assessing information that is too sensitive to be stored in the cloud.
62% of survey respondents said they believed the cloud services in use by their organizations are not thoroughly vetted for security before deployment.
72% of survey respondents said they believed their cloud services provider (CSP) would not notify them immediately if they had a data breach involving the loss or theft of their intellectual property or business confidential information, 71% said they believed they would not receive immediate notification following a breach involving the loss or theft of customer data.
Even if your organization isn’t officially using cloud-based storage, there’s a high probability your employees are putting the cloud to work to facilitate information sharing or simply access important documents and emails from home, putting your data at risk in the process.
Don’t fall victim to the crisis management pitfall of naivete when it comes to the cloud. Know the dangers, prevent risk where you can, and plan for an eventual breach. The best case scenario is that you never need it, but with hundreds of dollars on the line for every single record lost to data breach, can you afford to not be prepared?
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