Cloud storage has become the norm across the majority of industries, but several companies, especially in the financial sector, are lagging in the process. According to a study by the Cloud Security Alliance, 61% of respondents admitted that a cloud strategy is only in the formative stages within their organization. Migration to the cloud is a necessity if these companies are to keep up with customer demand, evolving technology, and increasing security threats. The following myths have been wrapping the way organizations view cloud adoption. Let’s shed some light on the truth.
MYTH: My data is more secure in the cloud
The majority of cloud providers will tell you that your data is safer once in the cloud. These cloud solutions are generally consumer oriented, making their security claim insufficient for enterprises. Your data in the cloud may have increased protection from outsider threats than it would on a hard drive, but with insider threats being the leading cause for security breaches, cloud providers often brush over internal data control among your employees. Your data required protection from both outsider and insider threats by encrypting encryption keys for each file. This allows you to access, store, share, and organize files from any device, while adhering to the organization’s control and compliance standards.
MYTH: Data in the cloud is still in my control
Your data in the cloud may seem to be in your control, but in reality, your cloud providers likely have the ability to access all of your data if they so choose. Some cloud storage providers offer encrypted storage with encryption keys managed by IT staff inside the enterprise firewall. In many cases, however, encryption keys are at least temporarily resident in server RAM, and thus vulnerable to cybertheft. Heightened security only comes when the service maintains “zero knowledge” of client encryption keys, and utilizes an encrypted key approach that never exposes vulnerable keys to the cloud. Your provider should not be able to decrypt your data nor should anyone else without access to the keys managed by inside IT staff. This gives your IT department full control.
MYTH: Adopting the cloud is more complicated than beneficial
Migrating to the cloud tends to generate concerns about downtime and the risk of data loss, which often results in risks overshadowing benefits. Luckily, the right cloud storage provider can minimize the downtime and risks. In addition, these complications are easily outweighed by long-term cost benefits and increased IT staff efficiency, which are only a few of the benefits of cloud computing. Since many cloud solutions are self-service, they don’t offer a dedicated support team can make your migration to a secure cloud as painless as possible.
The average data breach to the financial industry cost more than $6 million in 2015. No wonder the skepticism about cloud data storage. With proper encryption technology, companies enjoy the convenience and scalability of cloud storage, with the highest level of data security available. Business leaders and IT staff can rest assured knowing their data is secure and under their control.