Businesses worry more about reputational damage than financial loss following a breach
Following a cloud breach, the top three worries of businesses are reputational damage and loss of public trust (39 percent); loss of sensitive data (36 percent); and a loss of revenue generating services (35 percent).
A new report from Illumio, based on a survey of 1,600 IT and security decision makers by Vanson Bourne, finds that in the last year, nearly half of all data breaches (47 percent) originated in the cloud, and more than six in 10 respondents believe cloud security is lacking and poses a severe risk to their business operations.
The average organization that suffered a cloud breach last year lost nearly $4.1M, yet 26 percent are operating under the assumption that breaches are not inevitable, posing serious risks to the business and its customers.
When it comes to ensuring resilience, 93 percent of respondents agree that zero trust segmentation (ZTS) is an essential part of any cloud security strategy because it improves digital trust (61 percent), ensures business continuity (59 percent), and bolsters cyber resilience (61 percent).
The main threats to cloud security are, workloads and data overlapping traditional boundaries (43 percent); a lack of understanding of the division of responsibility between cloud providers and vendors (41 percent); social engineering attacks (36 percent); a lack of visibility across multi-cloud deployments (32 percent); and rising malware and ransomware attacks (32 percent).
"Because cloud environments are dynamic and interconnected, they're increasingly challenging for security teams to navigate with legacy solutions," says John Kindervag, chief evangelist at Illumio. "Organizations need modern security approaches that offer them real-time visibility and containment by default to mitigate risk and optimize opportunities afforded by the cloud. I'm optimistic that nearly every security team is prioritizing improving cloud security in the months ahead, and that they see solutions like ZTS as an essential piece of their Zero Trust journey."
You can get the full Cloud Security Index 2023 from the Illumio site.