Did you know that cloud security breaches cost businesses an average of $3.86 million per incident? In this digital age, ensuring robust security measures in cloud computing has become more crucial than ever.
A recent UBS Forums study found that 94% of organizations are concerned about cloud security risks. So, how can you protect your valuable data and maintain the integrity of your cloud infrastructure?
The answer lies in choosing the right cloud security solution to prevent potential security breaches and guard against the many threats to which your organization's data could be susceptible.
This article will discuss cloud-based security selection tips and key considerations when choosing a cloud security partner. We'll also talk about cloud security options, common problems, and ways to evaluate and compare them so you can choose the best one for your business.
Join us on this tour to learn how to improve cloud security, protect your private data, and feel more at ease in a connected, digital world, whether you're a small or a large business.
What is Cloud Security?
Cloud security is the practices and technologies that protect cloud-based assets, data, and apps from illegal access, leaks, and other security risks. It has a wide range of security procedures, encryption methods, access controls, and tracking tools to render your cloud resources private, safe, and always available.
Importance of Cloud Security
As businesses increasingly rely on cloud computing services, it becomes crucial to prioritize the security and protection of sensitive data.
Capital One is a leading financial institution that migrated a significant portion of its operations to the cloud. Capital One implemented robust cloud security measures to ensure customer data security and comply with regulatory requirements. Unfortunately, in 2019, the company experienced a high-profile data breach. The breach affected approximately 100 million individuals in the United States and about 6 million in Canada. However, their cloud security measures helped detect and mitigate the breach quickly, limiting the impact on customer data and preventing further unauthorized access.
Let's look at the key reasons why cloud security is indispensable:
- Safeguards valuable information and data
- Builds trust with customers and stakeholders
- Prevents unauthorized access and data breaches
- Protects against financial and reputational damage
- Ensures the confidentiality, integrity, and availability of data
- Enables leveraging the benefits of cloud computing
Establishes a secure environment for innovation and collaboration
Slack is another business that has done better because of cloud security. Slack is a popular way for teams to work together and talk to each other. Slack uses robust cloud security methods, such as encryption while in transit and while the data is stored. Their security measures have helped them become successful. In 2023, they had more than 20 million daily active users, giving companies a safe place to work together that they could trust.
Explore here the Top Cloud Security Risks and Solutions
Key Things to Consider While Choosing a Cloud Security Partner
Before choosing a cloud security partner, here are the main aspects you must focus on:
1. Compliance and Regulatory Requirements
Compliance ensures that your company does not run afoul of the legal parameters. Besides that, each business has its own set of rules and laws to follow. The cloud security of your choice must meet the necessary standards, for example, HIPAA for healthcare or GDPR for data safety. It should also be aligned with the organization's rules.
2. Scalability and Flexibility
Your cloud security system should get more expansive as your business grows. Choose a cloud security solution that can handle more work and can change as your needs change. Scalability ensures that your security measures can keep up with the growth of your cloud technology.
3. Threat Detection and Prevention
An excellent cloud security system should make finding and stopping threats easier. Look for features like real-time tracking, breach detection systems, malware detection, and encryption to fight new threats successfully.
4. Data Privacy and Encryption
Data safety is among the core concerns when choosing a cloud security solution. Ideal cloud security solutions offer robust security measures for data in motion and data at rest.
5. Stringent Access Control and Authentication
Unauthorized entities must not access cloud services, necessitating robust access control and multi-factor identification (MFA). In addition, the solution should have clear entry rules, control based on roles, and contact with the IAM system.
6. Service Level Agreements (SLAs)
SLAs tell you what level of service you can expect and help you hold the company accountable. Therefore, you have to review the SLAs offered by cloud security guidelines. Pay attention to service claims, how quickly problems are fixed, and whether or not help is available.
Understanding Different Types of Cloud Security Solutions
When picking a cloud security choice, knowing the different kinds and their pros and cons is essential. So here's a detailed comparison of cloud security solutions with a focus on their key features:
Cloud Access Security Brokers (CASBs)
CASBs connect users and cloud service companies. They make cloud-based apps work and keep them safe. CASB comprises DLP, data protection, access control, and reducing risk. They help businesses monitor and control users across many cloud platforms, set security standards, and apply rules.
Cloud Security Platforms
Full-service cloud security solutions protect assets, apps, and data in the cloud. In addition, these methods come with tools to keep you safe. A study by MarketsandMarkets suggests that by 2025, the cloud security market will be worth $77.5 billion. This rise will be driven by cloud protection. These systems can handle IAM, detect and respond to risks, keep data safe, and ensure compliance.
Cloud Workload Protection Platforms (CWPPs)
The primary purpose of CWPPs is to protect cloud-based apps and processes. Enterprise Strategy Group (ESG) study indicates that 76% of companies that use public cloud technology have already implemented or are looking to implement a CWPP solution. CWPPs let you watch the work, figure out how sensitive it is, and keep it safe while it goes. In addition, they detect and deal with security threats unique to the cloud.
Cloud Data Loss Prevention (DLP) Solutions
Cloud DLP solutions stop cloud data from being shared without permission. In addition, these methods track, find and keep private information safe. In cloud DLP systems, data sorting, encryption, access control, and activity tracking are used to stop data breaches, ensure compliance, and protect IP.
How to Evaluate Cloud Security Providers
Perform a Risk Assessment
Find out what kind of protection your business needs, what types of threats it might face, and how much risk it can handle. Find your most important assets, private information, and legal requirements. This study will help you decide which traits and skills are most important as you look at your choices.
Conduct Proof-of-Concept (POC) Tests
POCs let you check the claims' validity and see if the answer will work with your current system. Therefore, POC tests should be done with cloud security companies. Check how easy their answer is to set up, how it affects speed, and how well it solves your organization's security problems.
Consider Vendor Reputation and Expertise
Find out what cloud security companies are good at and how well they have done in the past. Check out customer reviews, case studies, and the industry's image. Think about how good the service is at security and how much they know about the cloud.
Cost and Return on Investment (ROI)
Check each option's total cost of ownership (TCO) and return on investment (ROI). Consider things like licensing, setup costs, ongoing help, and the money you might save if there are fewer problems and better protection. Finding a good mix between cost and value is important when choosing a cloud security solution.
Selecting the right cloud security solution is a critical decision that directly impacts an organization's security posture and resilience. Common challenges in choosing a cloud security solution include compliance requirements, scalability, threat detection, data privacy, access control, and vendor reputation.
Remember to conduct thorough evaluations, compare solutions, and align them with your needs and budget. Prioritizing cloud security best practices and following these guidelines will help ensure a robust and effective cloud security strategy for your organization's digital transformation journey.
Also read our previous blog, Essential Insights on Cloud Security Compliance