It's time to manage cloud risks
15.01.2024
The risks and stakes are growing as companies move more IT to the cloud, writes Mary Shacklett, president of consulting firm Transworld Data, on InformationWeek.
According to Snyk’s “2022 State of Cloud Security Report,” 80% of companies surveyed in 2022 admitted to experiencing at least one cloud security incident. Then, in mid-2023, 94% of U.S. companies surveyed by Zippia reported using at least one type of cloud service.
IT to the cloud is undeniable, and the pace of cloud adoption is alarming. However, as companies move more IT services to the cloud, questions arise about whether they are prepared to manage cloud risks in areas such as cybersecurity, data processing, intellectual property protection, and administration.
“The risks are real, and indeed more than half of organisations have experienced issues in the last year,” says KPMG. “These include IT delays, data loss, reduced productivity, application failures, compliance issues and reduced ability to deliver services.”
These are not random events. A cloud outage or a major data or security breach, like the recent ZeroedIn breach, can damage a company’s reputation and even its survival. Yet many companies don’t include the cloud in their risk management considerations.
What are some common risk south korea mobile database issues that companies do monitor and plan for?
Most of these relate to risks that threaten the balance sheet, such as too many risky loans on the balance sheet if you are a financial institution, or too many suppliers from risky regions of the world if you are a manufacturer. Cyber threats and IT disaster recovery have also become a risk management concern, but few organizations have extended risk management to their cloud service providers.
And it is the CIO who should raise this issue.
Cloud risks that companies must manage
Risks associated with using cloud services include IT issues such as security breaches, poor service, improper data handling, and privacy breaches. But they also extend to liability, compliance, and insurance.