“The cloud” is no longer just a place to store vacation photos. A recent study has discovered that over 50% of data from Canadian organizations is now stored in the cloud. While there are benefits to using the cloud for data storage, such as speed, cost efficiency, and flexibility, there are also unique challenges that come with it.
Security is a major concern when it comes to the cloud. The study found that securing data in the cloud is more difficult than traditional IT solutions, according to nearly all of the surveyed cybersecurity experts. Despite organizations’ confidence in using the cloud, only 14% feel comfortable storing valuable or confidential data there. With more threats targeting the cloud than ever before, businesses in Canada face over 100 attacks per year on average, resulting in 4-5 cloud security incidents annually. The cost to address these incidents adds up to an average of $438,000 per year.
To protect themselves and feel more secure in the cloud, Canadian businesses need to invest in the right resources, particularly human resources. With more employees having access to the cloud, the risk of security breaches has increased. While training for employees is a top priority for organizations to reduce cyber threats, “human error” remains a significant cause of cybersecurity incidents. Lack of education and training can lead to unintentional but costly mistakes. Surprisingly, only 37% of businesses have dedicated cybersecurity staff with the necessary skills and tools to secure the cloud.
Fortunately, businesses are recognizing the need for change. Canadian organizations plan to increase their spending on cloud security by 22% in the next year. Increased investment in cloud security allows for better monitoring and threat detection. Leveraging frameworks and policies to manage risks also reduces the likelihood of security incidents.
Having a well-defined response plan for cloud security incidents is another crucial aspect of protecting data in the cloud. Regularly updating and testing response plans significantly reduces response time. While the average response time for cloud security incidents is 3 days, organizations that periodically test their response plans can react in less than 24 hours. Cloud security is not a one-size-fits-all approach, and implementing measures like threat monitoring, comprehensive training programs, and multi-factor authentication can enhance data security in the cloud.
To learn more about cloud security strategies and access all the insights from the TELUS Canadian Cloud Security Study, you can download the free report here.