In the age of digital transformation, the cloud has become an indispensable tool for businesses worldwide. It offers scalability, accessibility, and convenience, making it an ideal solution for storing and managing sensitive corporate data. However, along with its numerous advantages come inherent risks that businesses must navigate.

Let’s delve into the potential dangers of storing sensitive corporate data in the cloud and explore ways to mitigate these risks.

The cloud's appeal lies in its flexibility and ease of access. Employees can collaborate seamlessly from anywhere, and data is readily available. However, this very convenience can be a double-edged sword when it comes to sensitive corporate data. Let's take a closer look at some of the risks involved:

Security breaches:

• Cloud security breaches can expose sensitive corporate data to malicious actors. Hackers and cybercriminals are constantly evolving their tactics to infiltrate cloud systems.

• 45%of breaches occur in the cloud

• With the average cost of $4.14M for a breach due to cloud misconfigurations, remediation remains an expensive exposure

• 63% of organizations have exposed sensitive data in the cloud

• Companies may fall victim to phishing attacks, malware, or other vulnerabilities, leading to unauthorized access.

Data loss: Data can be inadvertently deleted or lost due to errors in configuration or data center failures, potentially resulting in a loss of critical corporate information.

Compliance:

• Businesses must comply with various industry regulations, such as GDPR, HIPAA, or CCPA, which impose stringent rules on data protection and privacy.

• Failing to meet these requirements can result in hefty fines and damage to a company's reputation.

Encryption: The storage of sensitive corporate data in the cloud demands robust encryption measures. Inadequate encryption may leave data vulnerable, even if it's stored securely.

Insider threats: Employees or third-party vendors with access to corporate data can intentionally or unintentionally compromise its security.

Mitigating the risks

Despite the potential dangers, sensitive corporate data can be securely stored in the cloud with the right precautions:

• Choose a reputable cloud service provider: Opt for well-established cloud providers with a track record of robust security measures and compliance certifications.
• Encryption: Encrypt sensitive corporate data both in transit and at rest. End-to-end encryption adds an extra layer of security.
• Access Control: Implement stringent access controls to restrict who can view or modify data. Regularly review and update permissions. Deploy and implement a solid Data Security Posture Management tool
• Employee Training: Educate your workforce on security best practices, including how to recognize and report potential security threats.
• Backup and Recovery: Regularly back up sensitive data to ensure its availability in case of accidental deletion or system failure.
• Compliance and Auditing: Stay updated on relevant data protection regulations and conduct periodic audits to ensure compliance.
• Multi-Factor Authentication (MFA): Require MFA for accessing sensitive corporate data to add an extra layer of security.

Sensitive corporate data in the cloud offers countless advantages, but it also presents certain risks that businesses must address. By choosing a reputable cloud service provider, implementing robust security measures include the use of a Data Security Posture Management solution, and ensuring compliance, companies can confidently harness the power of the cloud without compromising the security of their most valuable information.

While the cloud may have its perils, it can be a safe and efficient solution when managed thoughtfully and responsibly.

The security team at LRS has many years experience with cyber security, and can help you discover and protect sensitive data wherever it resides – on premise, or in Cloud applications and Cloud data storage. Contact us today with your Cloud questions.

About the author

Larry Gant is the Director of Software Sales with LRS IT Solutions. He has over 30 years experience in Information Technology and software solutions, with a focus on automation, analytics, and security.