Nowadays, most businesses are connected to the cloud in one way or another. Unfortunately, in the race to migrate systems, some companies overlook the importance of implementing effective cybersecurity protocols. Here, Bence Jendruszak, COO at SEON explains why this is so risky.
Whether you’re a small ecommerce retailer, or a giant legacy bank, there are several benefits that accompany moving more information to the cloud. From supporting with data storage, to providing additional processing power for essential business tasks, cloud migration enables companies to leverage the power of modern applications and advanced analytics within their everyday operations. As such, the decision can help to create time and cost efficiencies across a wide range of important processes.
However, cloud migration can come with its own set of distinct risks, especially if the practice is not supported with effective cybersecurity protocols. Unfortunately, a widescale shift to modern data platforms has created new opportunities for cybercriminals to exploit. As criminals become more accustomed to breaching this type of system, the risk for businesses continues to rise. More than ever, businesses must be cognisant of the threats they face and aware of preventative measures that can help to protect them.
STRIKING A BALANCE
As such, many companies now find themselves asking how they can best bolster cybersecurity measures in the cloud. There is a myriad of appropriate answers, with some being more effective than others. Whilst looking to properly protect cloud-based solutions, businesses must also try to strike a balance between security and user-friendliness. If not, companies risk forfeiting many of the time and cost efficiencies, which they initially adopted this form of system in order to generate.
Therefore, the first task for many businesses undertaking the cloud migration process is to evaluate the potential risks they may face. Next, companies must assess what represents the most unobtrusive security solution in helping to overcome this challenge. Assessing the first part of that equation is often dictated by the scale and nature of the business in question. To this end, the cybersecurity risks of migrating more data online aren’t always uniform between businesses of different sizes.
KNOWING THE RISKS
It’s concerning to learn that 83% of companies admit to storing sensitive information in the cloud, particularly in light of other research, which suggests that 97% of businesses currently use these services in one way or another. There is a plethora of risks associated with this approach. Most notably, systems are at risk of being compromised by hackers. If this is to happen, it’s highly likely that valuable information and sensitive data will also be stolen from the system and used to extort the business in question.
More recently, there’s also been a wave of cyberhackers using compromised accounts and systems in the cloud to mine cryptocurrencies. This form of hack can severely diminish the computing resources of cloud solutions, and prevent systems from performing at an optimal level. Likewise, ransomware attacks in the cloud are on the rise and increasingly used to render entire cloud-based systems inaccessible. Regardless of their form, cyberattacks in the cloud often incapacitate businesses and can cost a lot to fix.
One of the most effective techniques on offer to those looking to implement effective cybersecurity measures in the cloud is known as the ‘Zero Trust’ model. The model flips conventional cybersecurity on its head, assuming that the system in question has been compromised and challenging users to prove that they are not the infiltrators. This approach may seem harsh at first, but it can dramatically reduce the risk of hacks, or data losses within cloud storage systems.
With this model in place, businesses are able to respond more quickly to emerging threats and quell issues before they get out of hand. By continually requiring verification from users, ‘Zero Trust’ systems offer a proactive approach to cybersecurity and allow organisations to stay ahead of potential threats and bad actors. However, to best ensure the approach doesn’t adversely affect productivity levels, businesses must implement verification measures that can also be completed quickly by trusted parties.
TAKING A HOLISTIC APPROACH
Establishing a ‘Zero Trust’ model is an effective way to guarantee effective security within cloud-based applications and storage. However, the need to protect businesses from online crime and fraud extends far beyond this alone. Personally, I would advise most businesses to take a holistic approach to cybersecurity, implementing different methods and techniques to contend with a number of specific, separate challenges. One such challenge is online fraud, which is now more prevalent than ever.
Fortunately, by partnering with a genuine expert, like SEON, businesses are able to reduce the risks of online fraud as effectively as they can reduce security issues in the cloud with a ‘Zero Trust’ model. Powered by an AI-driven system, our modular solution offers quick and reliable results, which helps businesses to identify potential fraudsters. Our intuitive technologies can be integrated into existing workflow systems in a frictionless manner to deliver a return on investment in just a matter of days.
For more information about SEON’s revolutionary online fraud prevention tool, please visit: https://seon.io/