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Top 5 Cloud Security Threats in 2023 and Ways to Avoid Them

With the growing need for security, companies are adopting cloud services to make jobs safe and convenient. According to Statista,  the global cloud security software market was valued at $29.5 billion in 2020 and is poised to reach $37 billion by 2026.

The flexibility to spin up new users and instances on demand has been one of the greatest benefits of the cloud. Additionally, it allows businesses to save significant money depending on their sizes.

Although, no matter how advanced cloud security a business has, there are always risks of breaches and threats. Data loss and accidental leaks of credentials are some of the most common concerns.

You might think that you have developed a strong cloud security strategy to protect your data, but you are still unaware of the different types of threats it can pose in the future. Here are the top five cloud security risks for the upcoming years, and ways to avoid them.

What Is Cloud Computing?

Before diving into the risks, let’s learn more about the role of cloud security.

Cloud computing provides on-demand computing services on the internet by securing your data and information in the network. It ensures data backup, disaster recovery, and big data analytics among others.

If your business does not have a strong cloud solution then your data can be prone to cyber-attacks and threats. Therefore, choose a cloud security provider that has experience in providing advanced cloud security services tailored to your business needs.

Top 5 Cloud Security Threats In 2024

1. Misconfigured cloud services –

Misconfiguration of cloud services is the most common risk that occurs due to human negligence. According to the National Security Agency,  cloud misconfigurations are by far the biggest threat to cloud security.

Misconfigured cloud assets can open the door to the theft of location data, passwords, financial information, phone numbers, health records, and other exploitable personal data. Following that, hackers can use this information to launch malicious activities and other social engineering attacks.

What you should do to avoid such threats:

  • Combine security and DevOps in a single team to implement your security configuration program at the building stage
  • Deploy MFA (multi-factor authentication) to reduce the risk of unauthorized access due to credential compromise
  • Hire a skilled team with DevOps experience, automation, networking and internet protocols knowledge, security engineering knowledge, authentication, and security protocols knowledge to configure a dynamic cloud environment.
  • Deploy a cloud-based SIEM to detect risky connections from the internet, such as RDP and FTP from the existing environment

2. Data Loss –

There are numerous ways through which data can be lost, making it the biggest risk when it comes to cloud security.

The cloud makes it simpler to share and store data, but sometimes doing so comes at a cost for businesses. Many users accidentally delete or misplace their login information when sharing or storing their important data. This leads to data loss and risks that compromise security and privacy.

What you should do to avoid such threats:

  • Make sure to conduct regular back-ups. There are various cloud back-ups available like Backblaze, Carbonite, and Acronis, among others.
  • Make sure to enforce privacy policies across the organization to safeguard crucial information

3. Attack Surface –

An organization’s overall vulnerabilities are commonly called attack surfaces. It gives unauthorized access to sensitive data, resulting in cybercrime.

According to Randori’s The State of Attack Surface Management 2022  (IBM), 67 percent of organizations have seen their attack surface grow in size over the past two years.

These surfaces open up a window for hackers to expose an organization’s cloud and on-premises infrastructure. It can be due to weak passwords, misconfiguration, software, operating system (OS), or firmware vulnerabilities, and outdated or obsolete devices, data, or applications, among others.

What you should do to avoid such threats:

  • Establish security zones and permit only necessary and appropriate traffic to pass through the firewall. Give each environment (development, staging, and production) a separate cloud account.
  • Reduce the installation’s impact on computer resources. Install what you require and uninstall what you do not

4. API Vulnerabilities –

API brings a huge security threat to all organizations as it is the most common communication channel for internet traffic, exchanging data, and reacting to set commands. It consistently leads to breaches, stolen data, and other adverse outcomes, including financial costs to your business.

What you should do to avoid such threats:

  • Enable multi-factor authentication to strengthen your account from malicious attackers
  • Assess and review API security configurations regularly. Use an accurate and up-to-date inventory of all your APIs.
  • Implement centralized cloud monitoring

5. Contract Breaches with Business Partners –

Cloud storage enables users to restrict access and give authorization. It allows them to decide how the document can be used and stored. But, sometimes employees move critical data to cloud storage without enabling authorized access, which leads to breaches and violations of company laws.

What you should do to avoid such threats:

  • Make sure that a service agreement does not tie businesses down and that vendors can be switched easily.
  • The service contract should include termination rights for the business, such as the change of control, service deterioration, regulatory requirements, security/confidentiality breach, etc

Conclusion

There are always some risks involved in creating security policies. Companies must be aware of potential risks to stop them before they happen.

Remember, to create effective policies for cloud security that can be incorporated into the systems and procedures.

Furthermore, the cloud has introduced new methods for protecting and storing data, but it also carries risks. Therefore, it is crucial to regularly review safety precautions to ensure that sensitive data remains secure.

For companies looking for cloud security solutions, Jellyfish Technologies is a credible option. We provide an experienced team and top-notch service to protect your company and its data from malicious attacks.

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