We're delighted to have another guest post from Myrtle Bautista, looking at how businesses can protect themselves as we move more of our critical assets into the cloud

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In recent times, we’ve seen technology march forward. We’ve witnessed the speedy growth of the Internet and the rise of new technologies, all of which have become beneficial to society.

Cloud-based software, in particular, is one technological advancement used in a variety of industries. For instance, the legal industry uses cloud-based legal software for its useful features including case management and document storage. Meanwhile, the healthcare industry uses cloud-based software for electronic health records, patient management systems, and telemedicine services.

The common thread between these industries is that they both handle and store data in the cloud. While an impressive technology, it also comes with a steep price: security threats. That’s why strengthening your cybersecurity must be a priority.

Cloud systems have been extremely useful to businesses and organisations, primarily for their use in the storage of valuable data. These can come in the form of trade secrets and other confidential information.

Once this data is stolen, there are severe repercussions – some of which we’ll gloss over a little later. For now, we’ll discuss how you can secure your business assets, specifically in the cloud. Here are some of the best cloud security strategies to protect your assets:

1. Implement Strong Authentication Controls

To keep your data secure, it’s wise to implement authentication controls that ensure that only authorised personnel can access these resources. A common, yet secure way to implement this strategy is to use multi-factor authentication. Also, restrict access based on the user’s role within the organisation to ensure that only the right people have access to confidential data.

2. Encrypt Data

There are two forms of data: at rest and in transit. By encrypting both forms of data, you help ensure that data is unreadable without decryption keys, even with the possibility that it is intercepted. Key management services and cryptographic processes can also help in encrypting data.

3. Undergo Regular Security Audits

Conducting regular audits helps identify any vulnerabilities you might have in your cloud infrastructure. Pay attention to industry standards, such as GDPR, HIPAA, or ISO/IEC 27001 and comply with them. If you need some assistance, automated tools can help with continuous monitoring and compliance checks.

4. Network Security Measures

Controlling traffic to and from your cloud resources will require you to employ network security measures such as virtual private clouds (VPCs), firewalls, and security groups. To monitor network traffic and suspicious activities, you have to implement intrusion detection and prevention systems.

5. Create a Backup Plan

Remember: always have a backup plan. Regularly back up data to a secure location and test if your recovery procedures work effectively in case of data loss or data breaches.

6. Train Employees

Humans play a significant role in data breaches, so training them should be a critical step in securing your business assets. Provide regular training to employees on cloud security best practices, phishing attacks, and how to handle sensitive information. That way, you reduce the risk of accidental data breaches.

7. Update Regularly

When it comes to anything software or technology-related, a basic rule to follow is to keep everything updated. With the rise of new cyber threats, outdated systems can be easily infiltrated, resulting in data losses.

8. Secure APIs

APIs are a common target of cyberattackers. By using strong authentication, authorisation and encryption, you help secure your APIs. Regularly test them for any vulnerabilities and monitor their usage for abnormal activity.

The Consequences of Poor Cloud Security

So, we’ve covered the best cloud security strategies to protect your assets. Let’s get into the consequences of poor cloud security.

Data Breaches

Perhaps one of the most obvious consequences of having poor cloud security is data breaches. When sensitive data gets into the wrong hands, it can lead to severe financial losses and reputational damage. When these breaches occur, there are often legal liabilities, regulatory fines, and loss of customer trust, which are all damaging and could be difficult to recover from.

Intellectual Property Theft

When information on product designs, business strategies, and proprietary technologies is stolen, your competitors might gain an unfair advantage in the market. As a result, your business can lose its competitive edge and market share. Counterfeit products might even enter the market and gain popularity, damaging your brand’s reputation.

Operational Disruption

Poor cloud security will result in operational disruption. Cyberattacks, such as ransomware, can even lock businesses out of their own systems — leading to increased downtime. That’s the importance of having a backup plan for your systems.

Recovery can be costly and time-consuming affecting both the profitability and efficiency of your business.

Final Thoughts

That being said, keeping your cloud systems secure is extremely crucial, considering our digital environment today. By following these strategies, you can ensure that your assets are stored and handled securely.

Not doing so will lead to significant ramifications, such as loss of data, intellectual property theft, and operational disruption. The worst part is that these effects can be long-lasting. Stay proactive and prioritise cloud security to protect your business from these consequences.

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8 Cloud Security Strategies for Protecting Business Assets