Biggest Security Risks of Cloud Computing – 2024 Guide

Advanced technology changed the entire business world a lot. Businesses now have some options they didn’t have before and those options allow them to operate successfully. Not using different aspects of technology in today’s business world would be a big mistake. If you don’t use it, your competitors will. Because of that, they will automatically be a step ahead of you. 

Advantages of Cloud Computing

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It is not a secret that the cloud computing market is rapidly growing. There are many advantages businesses can get from them. First of all, we should highlight lower costs as one of the common reasons why companies use them. Money is usually the problem that companies have. They will try to reduce all the costs they have, but they don’t manage to do that successfully always. Because of that, they are looking for the most effective ways. Without any doubt, cloud computing is the most attractive option they have. 

Despite lower costs, the productivity of employees increases as well. Logically, better productivity always positively influences the company’s earnings. Despite that, the businesses will have the chance to reach the market more promptly. That is another way to make more money out of this incredible technology.

Yet, we do not want to say that everything around cloud computing is perfect. There are certain concerns that entrepreneurs commonly have. They invest a lot of effort to keep their data safe. The data business store on cloud serves is important for business functioning. Because of that, no one else must get access to it. 

Fortunately, you came to the right place to find out the biggest security risks of cloud computing. After reading the list below, you will know which things you should focus on. 

Entrepreneurs Can’t Control Everything

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Loss of control over end-user actions is one of the biggest concerns of entrepreneurs. As you might know, employees can do whatever they want withing cloud servers. Because of that, business owners struggle to find out if something wrong is happening. In most cases, they find out some issues too late. 

Let’s use an example that will confirm why the concern is soo big. You probably have a worker that plans to leave your company. Unfortunately, he also has the opportunity to download some important data for your company. The worst-case scenario would be downloading the list of all customer contacts you have. Despite downloading, he can also upload those files and upload them to a personal cloud storage service. Things become even worse if he starts to work for a competitor after leaving your company. In that case, your direct opponents will get information about all the clients you have. We believe it is something you would want to avoid. 

Intellectual Property Theft

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It is great if you are using different cloud services to store important data. However, you should know that data must be safe in every single moment. That especially counts if the data you upload contains some intellectual property. 

Cybercriminal is one of the main problems of today’s society. That especially counts when we talk about the business world. Neither of the successful companies is completely safe. They become some sort of magnet for hackers that want to steal their intellectual property. Your cloud service must not be breached in any way. Hackers might claim the ownership of the data you uploaded to them. The consequences of that can be huge for your entire business. 

Virus/Malware Infection

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Different studies have shown that all cloud services can be some sort of a vector of data exfiltration. For instance, the hackers that attack your service primarily encode sensitive data into video files. After they do that, they upload those files on YouTube. On the other hand, another malware infection is connected with Twitter. Believe it or not, some hackers succeeded to exfiltrate the sensitive data via a Twitter account. They manage to do that quite quickly (140 characters at a time). 

File sharing services are a common method of delivering malware. Because of that, we recommend you be extremely careful when using the service of that type. 

Lower Level of Customer’s Trust

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Customer satisfaction is everything businesses need to succeed. Unfortunately, data breaches can easily diminish the trust of the clients we collaborate with. There are many examples of how cybercriminals can ruin the reputation of the company. For instance, in one case, more than 40 million debit and credit cards were stolen. The victim of the attack was Target company. 

Logically, even the most loyal clients stopped visiting Target’s stores. That situation negatively influenced the profit of the company. 

Revenue Losses

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We will continue our list of risks in the same manner. The connection between customers and companies needs to be at the highest level. They need to feel safe in every moment. If they feel in that way, be sure they won’t regret spending their money on your products.

However, mutual trust is a complex thing. You spend years gaining trust from larger groups of people. Unfortunately, your entire work won’t count if you only make one single mistake. 

Final Thought: The Solution Does Exist

It is the right time that we turn to the positive side of cloud computing. All the risks we mentioned above should not scare you a lot. The key here is to do things in the right way. First of all, you need to be sure that your employees are not using private clouds in the workplace. Because of that, entrepreneurs need to ensure visibility into the cloud services that employees use. Despite that, you need to understand what data is who uploaded it. 

The good news is that some companies offer the services you will surely need. Some of them will offer you a fast and secure cloud computing on-demand solution. We believe that visiting Serverspace would be the smartest decision of all. Check the website we attached and see which services you can get. The security of your data on cloud services needs to be your main priority always.