The world is now a close-knit space, with the entry of the cloud, namely the internet. Twenty-first century millennials are churning out data like never before and doing away with hardware computing techniques.
Cloud computing has revolutionized the way information is stored and processed, with real-time data just a click away on the internet. Cloud-based technologies have gained prominence and found a lot of takers. Individuals and even business enterprises are adapting to these emerging technologies, and significantly cutting down on costs associated with data storage.
Keeping in mind the large volume and criticality of information stored, the issue of data security is of paramount importance. Cloud security services are surging to combat the threats posed by data loss, security breaches, and insecure application programming interfaces (API). There is a growing need by cloud computing customers and service providers to watch out for such threats and maintain data integrity.
The cloud security market is booming, along with the growth of cloud-based technologies. Security solutions are widely demanded by diverse industries, such as healthcare, defense, IT & telecom, banking & finance, and governments. Expert analysts at Allied Market Analytics believe the market will grow exponentially with the increased adoption of managed security services.
Close guarding of confidential information
The large number of cloud technology-based firms are sparing no expense to build an IT infrastructure that cannot be susceptible to threats. Though the information stored on the cloud by each organization is crucial and can’t be compromised, the data of a few industry verticals has to be closely guarded from hackers and malicious intruders. This is especially true for the healthcare, government, and banking & finance sector. Large number of medical organizations and hospitals are active users of cloud computing, to store critical data about medical reports and patient information. Federal governments also store secret information meant to be undisclosed until the appropriate time, such as election votes list, federal secrets and suchlike.
However a breach in the data stored by these agencies would cause huge damage to their reputations. Hackers could manipulate the information and raise the question of confidentiality. Moreover a breakthrough in the financial data of banks and stock exchanges could mean staggering financial losses and scandals for the institutions. Sensitive information leak can discredit them and lead to loss of a huge customer base. Every cloud service provider is employing the best of their resources to wipe out the risks of data breach. They are doing this through strengthening of user credentials, authentication, improving encryption, classifying data based on sensitivity, and preventing attacks by account hijackers or even vicious insiders.
How can cloud security mitigate loss by data breach?
Information held by renowned organizations can often be a soft target for breaches. Cyber-attackers, hackers and unscrupulous insiders are on constant lookout to cause mischief and serious losses by accessing secret financial and corporate data. Even minor breaches in data security can affect a million stakeholders of that particular information. Yahoo was a victim of data breach by mean hackers, that occurred in 2014 and was only discovered very recently. A whopping 500 million account-holder’s personal information was compromised, perhaps making it the largest breach in cybercrime. A lawsuit has been filed against the company on behalf of all those affected. This breach might put the company’s business takeover deals with Verizon in serious reconsideration. Similar such breaches have been targeted at major brands such as ADP Payroll, U.S. FBI, and LinkedIn.
Data breaches are an inevitable part of cloud storage. Even if organizations do everything possible to eliminate the risks of external attacks, there might be insiders who could leak sensitive information, or the internal IT infrastructure might weaken; the possibilities are many. However, it is extremely essential that companies and service providers set up an invincible network of next-generation firewalls, enable content filtering, and allow multifactor authentication. It is also imperative that threats and intrusions in data are detected in a timely manner, and remedied to mitigate the losses. With proper precautions and damage-control measures in place, cloud security service can reinstate the faith of its customer in data security.
Service providers vying for a large market share
The cloud security market is witnessing an all-time high with many companies moved towards cloud integrated technology. Service providers and developers are creating unique customized solutions to cater to the need to protect applications, data, and infrastructure. Cyber-attacks and data breach incidences are on the rise, and cloud security service providers are capitalizing on this trend and vying for a major portion of the market. Customer-specific requirements depending on volume and criticality of data is taken into consideration and security services are also tailor-made for certain requirements. Developers are launch differentiated digital apps and services to enhance their product portfolios and gain the trust of newer and existing customer base.
The competitive landscape is very dynamic, with service providers and companies acquiring new firms and cloud-based startups, to up their game in data security. For instance, IBM, named as a leader in the 2016 Forrester Wave for Managed Security Services, has announced a new strategic move. It has declared its collaboration with AT&T for expanding the scope of its cloud relationship with the latter brand. IBM also plans to offer data privacy consulting services to cater to mobile strategies and design globally. Such collaboration and similar acquisitions will ensure that the cloud security market offers a plethora of data safety options to its customers.
Individuals and companies are resorting to cloud technologies in a bid to accelerate innovation and keep up with the emerging information technologies. Cloud computing has brought down the cost of artificial intelligence and businesses are thriving on the benefits on offer by storage of data on the cloud. However, with the ever increase in number of cyber-attacks, hackers and intruders, the perception of information security is becoming distorted. It is extremely vital that organizations take ownership for the cloud security services they offer, and present a transparent picture about their services. The cloud security market will help in nipping the problem of data breaches and help establish a proper set of controls and policies for data security.