Cloud security provides easy-to-use structures to aid IT processes, cost-efficiency, mobility, and remote access. Many companies on the global map have adopted cloud security owing to the many benefits it brings. But the recent attacks on cloud security is proof that not only is it highly vulnerable to attacks, and that massive loss can also be incurred if the bad guys' break-in. In 2017, a study by CGI in collaboration with Oxford Economics concluded that over 50 billion dollars have been lost to salvage the damage of data breach from 2014 to 2019.

It is worth noting that moving your company's technology to the cloud does not guarantee absolute security as many think, for a fact, cloud technology appears to come with a higher security risk.

Despite the associated risk, cloud computing is still one of the key drivers for achieving the organization's mission, and even with the risk it has faced especially from the leaks of 2018, spending on cloud security has not stopped growing. A survey by CIOs considers cloud computing at the top tech investment enterprise of 2019.

So, you own a tech company; you've been on cloud or want to migrate to cloud technology, here are 9 prominent cloud security risks that every company may face, and which you should be prepared for.

Data Breach

This risk of data is not unique to data computing, it ranks daily as the top cloud computing risk savvy companies face. A data breach is often a result of a cloud security attack involving unauthorized access where stored information is compromised and the attacker goes on to have exclusive access so much, they can view, delete, change and copy it.

Data Loss

Not every risk to cloud security is born out of hacker’s attack, internal mishandling or some other common causes, physical destruction of cloud security is what leads to data loss. It may be human-driven or caused by a natural disaster. Data loss equals the loss of information that has been collected over the years including user profiles, passwords, research outcomes, blueprints e.tc.

Crypto-jacking

The relative newness of this threat does not eliminate its potency. The boom of cryptocurrency ushered this new threat in which basically involves attackers installing a script on your computer to mine cryptocurrency which is in turn transferred to the attackers' wallet.

What Crptojacking does to your computer network is to weight it down with enormous loads which significantly slows you down and result in loss of money and decrease productivity'.

Denial of Service (DOS)

What happens to a store with a lot of requests and traffic at the same time? It eventually gets emptied and must shut down. Denial of Service works in the same way. Attackers send a load of traffic to your cloud till the server cannot buffer and every process is made unavailable.

This hampering of processes can be temporary or permanent which is a total crash that is often possible owing to the presence of bugs in your codes, or other vulnerabilities that hackers could explore.

Insecure API

API is a set of functions or procedures allowing the creation of an application that accesses the feature or data of an operating system, application or other services. Putting it more simply, an API allows you to connect your computing to your car, Bluetooth device, doorbell, and any other thing. Take it as a bridge.

Usually, API is often created as a third-party program and are typically considered as high priority security threats. This is because even if your cloud computing is safe, the API could have vulnerabilities that make invaders have access to the data that is shared with it by your cloud computing, as well as a loophole to study your cloud application and attack it.

Internal Threats

Infighting occurs that leads to bad blood and internal personnel intentionally opening access to security risks. Often, however, then aggrieved parties seeking revenge, violation of privacy policy increases tendencies of attacks. This is not classified as a malicious error but rather a human error.

Internal threats are not usually uncommon as they seem especially in this age where employees largely connect their personal devices to company computing which often opens doors to malware attacks.

Account Hijacking

This is common than it often appears. Sometimes, account hijacking does not stop account owners from gaining access. It could create a dual usage system where hackers would have access even as the original user isn't equally denied. This often eliminates suspicion and gives the attacker more time to gain ground or implement processes even before you can think of stopping them.

As a savvy company, even if your staff members are not using default credentials, it is still possible for hackers to guess the usernames and passwords to gain access to your business, manipulate you and affect your business.

Exploits

One consistent property of cloud computing is shared resources between parties and often businesses that are totally unrelated or bonded by the processes. The multitenancy nature of cloud computing binds every subscriber together in one way or the other and can be used to invade the servers of totally unrelated companies.

Malicious actors can invade one, and through that, invade others.

Reduced Visibility and Control

When moving operations to the cloud, companies lose some form of over their processes especially when the server is not internally controlled. The Cloud Service Providers (CSP) will oversee the policies, a reality that reduces the company's influences and control over their data.

This reduces visibility changes in how applications are managed. It also often affects the control of services and data negatively as companies will be having more network-based control by monitoring and logging processes in real-time if cloud computing were on their IT Premises.

How to Stay Safe

In the best cybersecurity bootcamps and security keen spaces, the need to curtail these growing threats is at an all-time high then it ever could be after the spree of leak that took place last year. Cloud security with all the good it offers is here to stay but choosing the right cloud security provider can be your best step in ensuring the security of your company. 

Putting special attention to their provision for data recovery should there be a breach or loss, including patch and system updates, penetration testing, recovery plans and means can help you make the right choice to keep your company secure in this age of cloud security hawks.