When faced with an imminent digital transformation and having to migrate their critical business applications to the cloud, many companies are filled with doubt and hesitant in regard to the security of these management models.
Guaranteeing data and identity security is one of companies’ greatest concerns, especially due to the key business information they may harbor. In addition, a new European Data Protection Regulation affects any company working with any EU country.
Gartner, a consulting firm specialized in information technologies, forecasted that cloud-based security services would increase by 21% in 2017, reaching the overall value of 9 billion dollars by 2020. As attackers improve their strategies and thefts, companies will need to stay updated and improve their security capabilities. Hence the growth of the digital security market.
This means that CIOs and IT managers are the leaders of company system security. They should be committed with the constant evaluation of company security levels and stay up-to-date on the latest technology.
For advanced attacks, prepare with the right technology
Cloud security breaches
In 2016, over 160 major security breaches took place involving major Spanish companies. This resulted in a 9.5 million dollar expense (Dealerworld, 2017). Today more than ever it is necessary to protect connected devices and identities used by people to access various applications. Furthermore, one of the main problems faced by executives is that the attack vector transforms and changes rapidly.
Migration to the cloud is now a reality, which leads to a growing demand for increasing security levels in that realm. It is for this reason that it is becoming one of the markets that sees great opportunities.
Three facts that lead companies to review their security:
- Vertiginous growth of cyberattacks targeting companies
- Data theft
- Rise in vulnerabilities
Small & Medium-sized enterprises under threat
One of the myths of the world of digital security is that cyberattacks only happen to large organizations. But this is not entirely true, because the security market has been propelled by small & medium-sized companies.
In 2017, cloud-based services aim to attain a growth of 5.9 billion dollars worldwide according to Gartner. According to the magazine Dealerworld, this data is quite significant, since it would place the cloud security market over the total information security market.
Another major item worth noting is that recently created companies, such as SMEs or startups, require agile solutions with simplified features. The seek solutions with attractive delivery models that offer the right security for their business models.
We can list three key factors why company concern over cloud security is on the rise:
- Corporate security threats are increasing
- Company personnel require improvements in management services
- Greater operational and cost benefits
According to experts, cloud solutions carry associated risks. Therefore, these three factors increase the need to improve cloud security.
We have visualized the different risks associated with cloud solutions. It is important to note that these factors are reduced by using strategies that improve the cloud security.