Cloud migration is on the rise, with Gartner predicting that worldwide end-user spending on public cloud services will grow by more than 25% in 2023. The largest segment of this market is software-as-a-service (SaaS), which is expected to reach $176 billion in end-user spending in 2022. This rapid growth in cloud adoption has brought about a newfound sense of cybersecurity for tech businesses, who have moved away from traditional on-premises systems. However, recent data breaches have highlighted the need for better security measures in cloud environments.
According to a report, 45% of data breaches occurred in cloud services in 2022. This is due to the increasing number of enterprises using public cloud, multi-cloud, and hybrid cloud environments, which provides cyber criminals with more opportunities to exploit vulnerabilities. One of the main challenges faced by companies is the lack of visibility into user data and activities, as well as the difficulty in managing application configurations consistently. With the use of multiple cloud solutions, the attack surface becomes wider, and there is a higher risk of misconfigurations and unpatched third-party servers.
Criminals are attacking the cloud from all directions, targeting vulnerable sectors such as financial services, education, manufacturing, and healthcare. The financial and healthcare industries are particularly at risk, as attackers are after valuable financial and personally identifiable information (PII) data. In 2022, healthcare had the highest average data breach cost of any industry, at $10.10 million. Hospitals, in the midst of digital transformation, are prime targets for cyber villains. They often store sensitive data in one location and use third-party vendors to send and analyze this data. However, if the security posture of these vendors is not properly vetted, hospitals are putting their patients and themselves at risk.
There is often confusion about the responsibility for securing cloud environments between tech companies and their SaaS providers. While there is a shared responsibility model, security leaders should take a more authoritative approach and prioritize the protection of company data and identities. Scrutinizing the cybersecurity posture of third-party vendors is crucial, as enterprises often fail to conduct proper risk assessments before onboarding them. Cybersecurity standards should be normalized, and security should be considered as important as cost and quality when selecting vendors.
Furthermore, security vigilance should be an ongoing process, rather than a one-time implementation. CISOs should identify and track all third-party software, conduct regular reviews, and revoke access or permissions when necessary. Regular penetration testing and the use of secure coding practices are also recommended. Governance models should be implemented for each stage of the vendor journey, from buying to onboarding and implementation. Company leaders should ensure that their own security posture meets modern standards and enforce these standards with their vendors.
In conclusion, as cloud adoption continues to grow, the need for robust security measures becomes increasingly important. Enterprises must prioritize the protection of their data and identities by thoroughly vetting third-party vendors and implementing ongoing security measures. By doing so, they can mitigate the risks associated with cloud environments and prevent costly data breaches.