“The cloud” is no longer just a place to store vacation photos; it has become the primary location for over 50% of Canadian organizations’ data. While there are many benefits to storing data in the cloud, businesses are realizing that it also comes with unique challenges. To better understand how to manage the rapidly growing cloud, TELUS Business conducted a survey of over 500 cybersecurity experts.
The survey revealed that security is now more important than ever. Almost all of the respondents found securing data in the cloud to be more difficult than traditional IT solutions. Despite organizations’ confidence in using the cloud, only 14% are comfortable storing valuable or confidential data there. This is not surprising considering the increasing number of threats targeting the cloud. On average, Canadian organizations are attacked over 100 times per year, resulting in 4-5 cloud security incidents annually. Dealing with these incidents costs an average of $438,000 per year.
So, how can Canadian businesses protect themselves and feel more confident about securing their data in the cloud? The answer lies in investing in the right resources, particularly human resources. Securing the cloud requires a new way of thinking, as more employees have access to it, increasing security risks. While employee training is a top priority, “human error” remains a major cause of cybersecurity incidents. This is often the result of inadequate training or the lack of cloud-specific best practices. Surprisingly, only 37% of businesses have dedicated cybersecurity staff with the necessary skills and tools to secure the cloud.
However, there is hope for improvement. Canadian businesses plan to increase their spending on cloud security by 22% in the coming year. This increase in budget is crucial since being informed and proactive are vital in protecting data in the cloud. More resources will allow for better monitoring and threat detection. Additionally, leveraging frameworks (blueprints and policies) can help reduce the likelihood of incidents.
Measures specific to the cloud can significantly enhance security. For example, having an updated and tested response plan can significantly reduce response time for incidents. Businesses that periodically test their response plan can respond to an incident in less than 24 hours, compared to an average response time of 3 days.
From threat monitoring to comprehensive training programs to deploying multi-factor authentication, there are numerous strategies to keep data safe in the cloud. The TELUS Canadian Cloud Security Study offers valuable insights and serves as a guide to implementing these strategies.
To access all the insights from the study, you can download a free copy here.
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