Managing cloud security risks
Cloud-based transactions have increased exponentially over the past couple years and there is no let-up. Businesses that transact online have become totally reliant on cloud-based services for transferring and storing data. Increased cyber threats and attacks have placed many IT departments under extreme pressure to secure their infrastructure and data. At a high level, CIOs should be ensuring their staff are aware and tackling the major cloud security risks listed below.
1. Data breaches and leaks:
Unauthorized access or theft of sensitive data, such as customer information or intellectual property, can result in significant financial loss and reputational damage.
2. Insufficient access controls:
Weak access controls can result in unauthorized access, data leakage, and other security breaches.
3. Insecure interfaces and APIs:
Vulnerabilities in cloud provider interfaces and APIs can lead to unauthorized access and data breaches.
4. Inadequate user authentication and identity management:
Weak authentication and identity management can lead to unauthorized access and data breaches.
5. Malware and viruses:
Cloud-based malware and viruses can infect applications, operating systems, and data, leading to data loss or system disruption.
6. Denial of Service (DoS) attacks:
These attacks can prevent access to cloud-based applications and services, causing significant disruption to business operations.
7. Insecure data storage:
Unencrypted or improperly secured data storage can lead to data breaches and unauthorized access.
8. Insecure network connections:
Insecure network connections can allow attackers to intercept sensitive data or access cloud resources.
9. Poorly configured cloud resources:
Misconfigured cloud resources can create security vulnerabilities and allow unauthorized access.
10. Insider threats:
Internal employees or contractors with access to cloud resources can intentionally or accidentally compromise security.
11. Lack of visibility and control:
Inadequate monitoring and reporting can make it difficult to identify and respond to security threats.
12. Inadequate encryption and key management:
Weak encryption and key management practices can lead to unauthorized access and data breaches.
13. Insecure application design:
Vulnerabilities in the design of cloud-based applications can lead to unauthorized access and data breaches.
14. Shadow IT:
The use of unauthorized or unapproved cloud services and applications can create security vulnerabilities.
15. Vendor lock-in:
Reliance on a single cloud provider can limit the ability to switch providers and increase the risk of service disruption or data loss.
16. Compliance failures:
Failure to comply with regulatory requirements or industry standards can result in legal and financial penalties.
17. Shared technology vulnerabilities:
Shared infrastructure and technology used by multiple tenants can create security vulnerabilities.
18. Inadequate disaster recovery and business continuity planning:
Failure to plan for disasters or service disruptions can result in significant financial loss and reputational damage.
19. Lack of security expertise:
A shortage of security professionals with cloud security expertise can make it difficult to implement and maintain effective security measures.
20. Third-party security risks:
Reliance on third-party services and providers can create security vulnerabilities and increase the risk of data breaches and other security incidents.
Managing cloud security risks in Risk Wizard
IT officers can easily conduct cloud risk assessments in Risk Wizard. Cloud based risks can be easily categorized and segregated with full audit trails enabled so independent officers can follow mitigation strategies back to the relevant risk under assessment. Risk rankings and reports can be quickly produced and distributed at the touch of a button. CIOs can dashboard their operations and easily pinpoint the areas that require further attention.
To see how you can reduce your exposure to cloud-based risks take a quick demo of Risk Wizard software with one of our experts.