Tech Updates

Reasons Why The Cloud Security Market is Growing

The rise in cloud service providers and the increase in the number of businesses that use those services mean that cyber attacks have the potential to affect more people than ever before. The cloud is vulnerable to attacks and needs better security options, which is one reason the fast-growing global security market expects revenues of $12.64 billion by the year 2024. Specifically, cloud security technologies are expected to see tremendous growth Take a look at three factors spurring this growth.

Equifax and Other Major Breaches

More information stored in the cloud equals more opportunity for data breaches. The recent breach at the Equifax credit bureau compromised the personal data of nearly half the population of the United States. Hackers stole Social Security numbers, driver’s license numbers, birth dates, addresses, credit card numbers, and bank account information. If this can happen to a large corporation, how secure is your business?

Data Loss

Data loss is the number one threat to cloud providers. Just ask Target, LinkedIn, Yahoo, and Heartland, which all experienced data loss over the last several years. The cost of data loss continues for years after the initial incident, and customers’ risks of identity theft can increase, too. Companies lose clients, and those affected file lawsuits in an attempt to cover the cost of rectifying the situation.  The security industry understands this risk and works diligently to improve products accordingly. Organizations need to have dedicated cloud security solution, such as a cloud access security broker (CASB), to prevent a data loss incident in the cloud.

Unauthorized Data Access

Image via Flickr by Blue Coat Photos

As security technology becomes more advanced, hackers become more sophisticated. The cloud offers hackers maximum access since many different companies access the same cloud provider. In many cases, protecting yourself means taking steps to prevent unauthorized access. Cloud security products focus on monitoring who tries to open your files, alerting you when suspicious activity occurs, even when you’re away from the office.

What to Do

Businesses continue to seek remedies to these cyber threats, and Cloud Access Security Brokers (CASB) present a popular solution. These software systems protect your data through encryption, monitor data usage, and provide many other services to help your information stay safe.

Make sure the security products you choose use the protocols in place at your office. Do you need multilevel access that limits employees to certain files while granting management access to all the information? A good CASB checks users’ access certification.

Check for yourself too. Inspect your online bank statements and credit card statements weekly. If you believe your personal information looks incorrect, immediately notify the three major credit bureaus and request a freeze on your Equifax, TransUnion, and Experian accounts. Another choice is to let the credit bureaus put out a fraud alert on your personal accounts. If the theft involves your Social Security number, file an identity theft report with the police. If you’re one of the 143 million people affected by the Equifax breach, that bureau offers free credit monitoring for the next year.

The best protection involves staying on top of your credit reports and your cloud data. You hold the ultimate responsibility for monitoring and detecting issues, and an effective CASB can help.