Benefits of Cyber Risk Quantification
Cybersecurity is the top concern for businesses worldwide; therefore, security measures are being updated to address the changing cyber threats.
New security risks have emerged with use of cloud computing by businesses of all sizes, from startups to giant corporations. According to research conducted by Deloitte, 90% of companies have been utilizing cloud services for at least three years, and 79% are now utilizing the services of various cloud providers to host their workloads
Safeguarding cloud assets is essential. Meanwhile securing the cloud is a significant challenge. Nonetheless, with even the most fundamental cybersecurity measures in the cloud, businesses can take cost-effective steps toward making their assets better secured and regulated.
This article describes steps necessary for decision-makers to protect their assets in the cloud.
Because of flexibility, the adoption of cloud-based assets has gone viral worldwide, especially after the COVID-19 pandemic and the booming work-from-home model. Cloud assets advantages provided below:
Most companies falsely assume that shifting their data to the cloud will relieve them of security concerns and transfer it to a third-party service provider. Unfortunately, it is not; as cloud uses shared responsibility model of security, which means distribution of various roles of safeguarding assets between cloud provider and client. Therefore, companies must thoroughly comprehend the shared responsibility model.
Cloud service providers protect the cloud's physical infrastructure, scoping the security of the data centers, network, firewalls, and intrusion detection solutions. Client company is responsible for protecting business applications and data, including managing user access and permissions, and configuring security settings and controls.
The security objectives are the same whether on-premises or when using cloud assets: In general, it means keeping the assets safe and secure. Meanwhile, the tools and strategies are different due to the specifics of assets in the cloud. For example, security groups are used for cloud assets, whereas firewalls are used for on-premises assets. Despite that, the actions involved in deploying security controls are the same and includes:
Verifying collaborators' identities is important in the cloud. That is why it is crucial to set up identity and access management (IAM) with the following approaches:
Improved security can be achieved by using multifactor authentication(MFA), in which multiple identifiers (such as codes) are required from users.
Companies can set up their private clouds using their infrastructure. In such scenario host-based security will be responsibility of the company who own the private cloud. In these cases, host-based security measures are vital because their automation is crucial to a company’s ability to keep its cybersecurity measures current with the rapid pace at which technology is advancing. Protecting the servers and systems that host a company’s cloud-based resources on-premises is critical in securing its cloud assets.
The following are some methods that businesses can use to strengthen security on their hosts:
In the cloud, it can be a huge challenge for IT teams to maintain a secure cyber posture. IBM and the Ponemon Institute found that over 30% of malicious cloud breaches were caused by stolen credentials and improperly configured cloud services. Cloud security posture management (CSPM) solutions fill this void by providing an all-encompassing solution for performing these tasks. CSPM is a suite of security applications that includes:
In other words, companies can see more of what is happening in their cloud environments and take steps to fix any security flaws they find using CSPM solutions.
Many companies today use cloud computing for their business, and this makes it essential to safeguarded cloud assets at all costs. Achieving governable and safe cloud assets would include defying the assets and their unique security vulnerabilities and putting the necessary security measures in place.