The average cost of an information security breach is now $3.8 million, with an average estimated cost of $154 per stolen record. As the landscape of cyber crime changes, companies are at risk of both a higher volume of attacks and more sophisticated cyber criminals. For organizations considering cloud hosting, understanding the security pros and cons associated with public and private cloud is essential. Join us as we review five recent information security facts and statistics that can shape your decision about the cloud.
1. Risk Mitigation Is a Challenge
When surveyed on the biggest security challenge companies face when moving to the cloud, expert Adam Stern reported that risk mitigation in technology selection is the biggest barrier. Stern recommends that companies consider the following aspects when choosing between private or public hosting scenarios:
- Data type
- Vendor service-level agreements
- Security environment
While public cloud may offer the potential benefit of cost savings, companies must determine whether increased risks offset this benefit.
2. Location Matters
In a recent survey of IT professionals, 62 percent reported that knowing the physical location of their data assets was a crucial information security measure. As a tool for business continuity and risk mitigation, knowing your data’s location can assist in planning and regular assessment.
3. Proof of Compliance Matters
Vendors can add to your company’s risk, which is why many best-of-class organizations assess cloud services post-implementation. In fact, 51 percent of companies perform audits on cloud vendors, which can be simplified if you are using a private cloud option.
4. Mobile Security Is Beginning to Matter
As companies increasingly opt to use flexible cloud-based business applications, Gartner predicts that mobile security will be an increasingly important topic in 2017 and beyond. Mobility is an important productivity tool for business, and switching to the cloud can facilitate mobile access for employees. By managing your cloud risks immediately, you can gain an advantage over your peers who haven’t begun to plan for mobile security.
5. Private Cloud Is Becoming More Popular
Seventy-one percent of companies use a mix of public and private cloud hosting. However, private cloud is gaining traction. Seventeen percent of companies use exclusively private hosting, while 12 percent opt for exclusively public. The increased popularity of private supports that fact that security matters more to companies of all sizes.
Your cloud hosting vendor should decrease, not increase, your information security risk. By hosting sensitive information in the private cloud, you can maintain control over the location of your assets and ensure they are protected.