Mohan Gandhi Ponnaganti
Co-founder and CEO, Ofofo.io
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Summary: As more SMBs are adopting cloud technology to digitalize their business, security has become a grave concern. Recently, SMBs have started spending a considerable amount on cloud platforms along with security. This article aims to highlight the importance and benefits of cloud security for businesses and highlights how cloud security solutions are used/consumed. It also explores how a marketplace can help SMBs choose the right cloud security product/service that aligns with individual business requirements.
Cloud computing, helping businesses use remote servers to store, manage and process data, is estimated to grow at a CAGR of approx. 16 per cent (between 2021 and 2026) to reach a global market size of $947.3 Bn. North America remains the largest market (61%) and is distantly followed by Western Europe (21%). Factors such as faster disaster recovery, compliance, flexibility and scalability have been driving the growth and adoption of cloud technology. In fact, half of all corporate data is being stored on the cloudcurrently.
Given the high rate of adoption, may it be private, public or hybrid cloud, 75 per cent of businesses admit that cloud security is a top concern with 48 per cent of businesses storing their confidential information on the cloud and interestingly, 88 per cent of all cloud breaches being attributed to human error.
“Cloud security is a collection of procedures and technology designed to address external and internal threats to business security.” Some applications of cloud technology in security solutions include identity and access management (IAM), data loss prevention (DLP), security information and event management (SIEM), etc.
As cloud security is becoming more crucial, a few of the key benefits are highlighted below:
SMBs also have shown eagerness in cloud technology with 85 per cent believing that it helps their business grow and scale faster. Additionally, 37 per cent of SMBs are spending up to $600 thousand on cloud and 25 per cent are spending between $1.2 to $2.4 Mn. Few benefits to SMBs include remote infrastructure, affordable pricing (subscription), enabling better collaboration, data back / recovery and enhanced security.
The shift to cloud-based security can enhance user experience and minimize complexity. Today’s cloud security solutions are ideal for SMBs as they are simple to install, configure & manage, and provide automatic, real-time protection from most threats.
Usually, businesses follow numerous critical steps while using cloud security to maintain a cloud security posture. Adopting from McAfee, the figure below highlights a few prominent ones:
Cloud security protects against risks against cloud infrastructure and external attacks (DDoS (distributed denial of service), phishing, malware). As SMBs typically opt for public cloud-based servers, it is recommended that the following steps be kept in mind:
1. Multi-tenant data segmentation: SMBs need to be sure that other clients of their cloud vendors do not access their data.
2. User access controls: Controlling authorizations might mean restricting user access to an inconvenient level. However, going restrictive and working behind to optimize is much safer than allowing unrestricted users to penetrate your network.
3. Legal data compliance: Maintaining your data compliance with global regulations like GDPR (General Data Protection Regulation) is critical to avoid heavy penalties and reputation damage.
4. Careful scaling of cloud systems: With the rapid transition into cloud systems, be sure to check your organization’s systems for security over convenience.
Further, the following practices like using a password manager, backing up data regularly, modifying used permissions and avoiding usage of public Wi-Fi might help ensure elevated cloud security. While selecting your business cloud provider it is advised to get transparency regarding:
While most cloud technology leaders provide inbuilt security with their offerings, additional cloud security solutions are a must-have to protect workloads from breaches, leaks, and malicious attacks. Solutions that provide granular authentication, enforce server protection, safeguard cloud-based applications, threat detection, etc. are of utmost importance to SMBs today.
Further, it’s not always easy to choose a solution as offerings are many and comparison of features, pricing and business benefits are tedious and time-consuming. SMBs might derive immense value from a marketplace that addresses the above issues. Marketplaces (like Ofofo) aim to build confidence in the buying process by mapping business needs to security features, standardizing the buyer’s journey, etc. It also instils trust and high confidence by conducting exhaustive due diligence and vetting every product/service.
Cloud security has been gaining momentum as many businesses rapidly transition to cloud platforms. It helps protect them from various cyber-attacks on cloud infrastructure along with improved DDoS risks and offers more flexibility and scalability. As more SMBs are opting for digitalization and cloud technology, its security has become imperative. Luckily, compared with traditional platforms, it doesn’t require a hefty investment and is easy to migrate to. SMBs might also want to onboard an additional layer of security for their cloud infrastructure and must explore how a marketplace can offer an easier, more efficient buying process with trust and confidence.
Don’t forget to check out https://ofofo.io