11 Under-Rated Resources that Can Maximize Your Cloud Security ROI

The reason most organizations struggle to maximize their cloud security ROI is because they often overlook or underestimate the effectiveness of certain resources. This happens because organizations may not be aware of the specific tools, practices, and strategies that can significantly enhance their cloud security efforts. In light of this, we're going to walk you through 11 under-rated resources that can help you optimize your cloud security ROI.

Effective Employee Training

Investing in comprehensive employee training is crucial for maximizing cloud security ROI. It ensures that employees are well-informed and equipped to handle security threats. According to the 2020 IBM Cost of a Data Breach Report, the average cost of a data breach caused by human error is $3.33 million. By prioritizing employee training, you can enhance security awareness and reduce the likelihood of breaches caused by human error. Neglecting proper training can lead to unintentional security breaches. To address this, conduct regular training sessions and simulations to educate employees about cloud security best practices. For example, a company may conduct monthly phishing simulation exercises to train employees on identifying and avoiding email scams. The takeaway here is to prioritize employee training to minimize security risks.

Multi-Factor Authentication (MFA)

Implementing multi-factor authentication is a critical measure for bolstering cloud security ROI. It adds an extra layer of protection by requiring additional verification beyond passwords. According to Microsoft, enabling MFA can block 99.9% of automated attacks. By utilizing MFA, you significantly reduce the risk of unauthorized access to cloud resources. Failing to enable MFA leaves cloud accounts vulnerable to brute-force attacks. To take action, enable MFA for all cloud accounts and encourage employees to use it. For instance, a company could enforce MFA for all employees and partners accessing their cloud infrastructure, ensuring secure access. The takeaway here is that implementing MFA is an effective way to strengthen cloud security.

Regular Patching and Updates

Regularly patching and updating software is key to maximizing your cloud security ROI. Patches and updates address vulnerabilities and protect against emerging threats. According to the 2020 Cost of Cyber Crime Study by Accenture, effective patch management can reduce the average cost of cybercrime by 50%. By prioritizing timely patching and updates, you minimize the risk of exploiting known vulnerabilities and strengthen security defenses. Delaying or ignoring software updates increases the likelihood of successful attacks. To take action, establish a patch management process to regularly update cloud systems and applications. For example, a company ensures all cloud servers are automatically updated with the latest security patches to mitigate potential vulnerabilities. The takeaway here is to prioritize regular patching and updates to fortify cloud security.

Encryption

Employing robust encryption mechanisms is vital for improving cloud security ROI. Encryption protects sensitive data from unauthorized access and ensures confidentiality. According to a report by the Ponemon Institute, organizations that fully encrypt their data experience an average cost savings of $14.13 million during a breach. By implementing encryption, you safeguard data integrity and minimize the impact of a potential data breach. Neglecting encryption exposes sensitive information to potential threats and compliance violations. To take action, encrypt data at rest and in transit using industry-standard encryption algorithms and technologies. For instance, a healthcare organization encrypts patient records stored in the cloud, adhering to HIPAA regulations and protecting patient privacy. The takeaway here is to implement encryption measures to maintain data security and compliance in the cloud.

Proactive Monitoring and SIEM

Adopting proactive monitoring and Security Information and Event Management (SIEM) tools can significantly enhance cloud security ROI. Real-time monitoring helps detect and respond to security incidents promptly. Gartner predicts that by 2022, over 50% of enterprise-generated security events will be captured by SIEM solutions. By leveraging proactive monitoring and SIEM tools, you enable timely detection, analysis, and response to potential security threats in the cloud environment. Relying solely on reactive security measures can allow threats to go unnoticed until significant damage occurs. To take action, implement a SIEM solution and configure alerts for suspicious activities in the cloud. For example, a financial institution uses a SIEM tool to detect and respond to anomalies or potential attacks targeting their cloud-based financial systems. The takeaway here is that proactive monitoring coupled with SIEM tools is crucial for maintaining a secure cloud environment.

Incident Response Planning

Creating a robust incident response plan plays a vital role in maximizing cloud security ROI. It enables organizations to react quickly and effectively when facing security incidents. According to the 2020 Cost of a Data Breach Report by IBM, having an incident response team reduced the average cost of a data breach by $2 million. By developing and documenting an incident response plan, you minimize the impact, cost, and duration of security incidents, ensuring a swift recovery. Failing to have an incident response plan can lead to chaotic and uncoordinated efforts, delaying resolution and exacerbating damages. To take action, develop an incident response plan, defining roles, responsibilities, and steps to be taken in the event of a breach. For example, a technology company effectively responds to a cyberattack on their cloud infrastructure by following their incident response plan, minimizing downtime and mitigating potential damages. The takeaway here is to be prepared with a well-defined incident response plan to efficiently handle incidents in the cloud.

Vendor Risk Assessment

Conducting thorough vendor risk assessments is a critical but often overlooked aspect of maximizing cloud security ROI. It allows organizations to evaluate and manage the security risks associated with third-party vendors. The 2020 State of the Cloud Report by Flexera revealed that 70% of enterprises prioritize assessing and managing cloud vendor security risks. By prioritizing vendor risk assessments, you reduce the potential impact of vendor-related security incidents and ensure alignment with cloud security standards. Neglecting vendor risk assessments can lead to relying on insecure services or exposing critical data to unnecessary risks. To take action, regularly assess and evaluate the security practices and protocols of cloud service providers or vendors. For example, an e-commerce company conducts thorough security assessments of cloud vendors to ensure compliance with PCI DSS regulations and customer data protection. The takeaway here is prioritizing vendor risk assessments helps maintain a secure cloud environment and reduces