How to Mitigate Cloud Risks and Challenges?

Do you know that as of 2022, about 80% of companies have experienced at least one cloud security breach? Sounds alarming, right? Well, that’s not all. If you experience a cloud security breach, the average recovery cost is $4.35 million.

As businesses continue to rely more heavily on cloud-based services, the need for robust cloud security measures has become more apparent than ever. With data breaches, cyber-attacks, and other forms of cybercrime on the rise, it has become essential to be aware of the potential cloud risks and challenges.

In this article, we will discuss the what is cloud computing, Benefits of cloud security, top cloud security risks, and How do you mitigate security risk on cloud?

Let's get started!

What are the Benefits of cloud security?

Importance of Cloud Security

Cloud security ensures data confidentiality, integrity, and availability. It protects you from cyber threats such as data breaches and account hijacking, which can result in data loss, damage to reputation, and financial loss.

Cloud security also helps you comply with industry regulations and data privacy laws, failure to which can result in hefty fines and legal consequences. Implementing robust cloud security measures can help you meet these compliance requirements and prevent potential consequences.

Additionally, in today's landscape, customers are increasingly concerned about the safety of their data. By prioritizing cloud security, you can assure your customers of the safety and integrity of their data, leading to increased trust and loyalty.

Did you know?

Only one in five organizations assess their overall cloud security posture in real-time, despite being aware of the cloud risks and challenges.

Top 6 cloud security risks

Top Cloud Computing Threats and Vulnerabilities

Account Hijacking

Account hijacking is a severe threat to cloud security, as it allows unauthorized access, leading to data theft or other malicious activities. Attackers use various techniques to steal user credentials, such as phishing, social engineering, or brute force attacks.

In 2020, Twitter experienced a security breach that compromised nearly 130 high-profile accounts. Attackers gained access to Twitter's internal systems by hijacking employee credentials, allowing them to tweet from celebrity and political accounts to promote a cryptocurrency scam.

Data Breaches

Cloud data breaches can have severe consequences, leading to loss or theft of sensitive data, reputational damage, and financial loss. Data breaches can occur for various reasons, such as weak authentication measures, unsecured APIs, or configuration errors.

One of the most notable data breaches occurred in 2013, when Target's point-of-sale systems were hacked, resulting in the theft of credit and debit card information of over 41 million customers. The breach was traced back to a third-party vendor with access to Target's network. As a result of the breach, Target had to pay $18.5M in settlement.

Know here the Top Data Security Breaches & Key Takeways.

Malware

Malware can infect cloud-based systems and spread rapidly, compromising the security of data and applications. Malware can enter a cloud environment through various means, such as phishing emails, downloads, or unsecured APIs.

In 2017, the WannaCry ransomware attack affected more than 200,000 computers in 150 countries, causing significant disruption to businesses, hospitals, and governments. The attack exploited a vulnerability in Microsoft Windows and spread rapidly through infected emails and file-sharing.

Dos Attack

A DoS attack is a common threat to cloud-based systems, as it can make them unavailable or slow down their performance, leading to operational disruptions and financial losses. DoS attacks can occur for various reasons, such as unsecured APIs, weak authentication measures, or unpatched vulnerabilities.

In 2016, the cloud-based DNS provider Dyn was hit by a massive DoS attack that affected websites and services across the internet, including Netflix, Twitter, and Reddit. The attack was carried out using a botnet of compromised Internet of Things (IoT) devices.

Insider Threats

Insider Threats are risks from within the organization, such as an employee or contractor with access to sensitive information who intentionally or accidentally leaks or misuses it. Insiders can be a significant risk to cloud security because they have legitimate access to the system and may be familiar with its weaknesses and vulnerabilities.

In 2018, a former Tesla employee was accused of hacking into the company's cloud system and stealing confidential data. The employee allegedly made changes to Tesla's manufacturing operating system and sent highly sensitive information to third parties. As a result, Tesla sued the employee and demanded $1 million in damages.

Lack of Visibility and Control

When companies migrate their data to the cloud, they entrust third-party cloud providers responsible for securing it. This data migration can result in a lack of visibility and control over their data, creating vulnerabilities in security.

In July 2019, Capital One experienced a major data breach where a former employee of Amazon Web Services (AWS), the cloud provider for Captial One, exploited a misconfigured firewall to gain access to sensitive data stored in Capital One's AWS S3 buckets.

The breach exposed the personal information of over 100 million customers. The incident highlighted the importance of having complete visibility and control over cloud security, especially when relying on third-party cloud providers.

How to Mitigate Cloud Security Risks

Implement multi-factor authentication

Multi-factor authentication (MFA) adds an extra layer of security by requiring users to provide two or more forms of identification before accessing their accounts. This can help prevent account hijacking and unauthorized access. You can use tools such as Google Authenticator or Authy to provide an additional layer of security.

Encrypt your data

Encryption is the process of encoding data so that only authorized parties can access it. Encrypting your data can prevent unauthorized access and ensure that your data is protected in the event of a breach. You can use tools like BitLocker or VeraCrypt to encrypt your data.

Conduct regular data security audits

Regular data security audits can help you identify vulnerabilities and take steps to address them. You should conduct audits at least once a year, but more frequent audits may be necessary depending on the nature of your business.

Train your employees

Your employees can be your first line of defense against cyber-attacks. It's essential to train them on how to identify phishing emails and how to recognize suspicious activity. You can also conduct regular security awareness training to update your employees on the latest threats.

Monitor your network

Monitoring your network can help you detect and respond to threats in real-time. You can use tools such as intrusion detection systems (IDS) and security information and event management (SIEM) systems to monitor your network and identify potential threats.

Keep your software up-to-date

Software updates often include security patches and bug fixes that address vulnerabilities. Make sure you keep your software up-to-date to ensure that you're protected against the latest threats.

Implement firewalls

Configuring firewalls can restrict access to cloud-based systems and data. Try to update your firewalls regularly to address new threats. Also, implement policies that restrict access to certain parts of the network based on the user's role and level of authorization.

Cloud security is a critical component of any modern business's technology strategy. Therefore, it is important to understand cloud security risks and risk mitigation processes to ensure the safety and integrity of your cloud-based systems and data. This can be done by implementing multi-factor authentication, encrypting data, conducting regular data security audits, and deploying malware detection software.

Don't wait until it's too late to act - take action now and safeguard your business's future success.