Introduction
For over 15 years, cloud computing has been a mainstream way for alternative investment firms to provide IT services. The various types of cloud computing increase flexibility and efficiency while providing high strategic value.
Cloud-based computing has many benefits, but some security risks exist with set up. It can lead to poor system performance, lack of compliance with standards and unauthorized access to your data which can be detrimental to your business.
The cloud is a safer environment for businesses looking to protect their data with the latest security measures, and this blog post will explain the cloud’s security risks as well as how to improve them.
If you are interested in the fundamentals of cloud computing, we recommend you take a look at our blog. It provides information on cloud computing and what it is as well as what the difference between each type is.
Security Issues With Cloud Computing
Security is an important consideration when implementing cloud products. Make sure to do your research before implementation and inform your IT partner of any security considerations.
It’s important to have good access management so that only authorized people can use your data. If you let anybody get access to your cloud, they can misuse it and pick your company’s most sensitive information, which would be very damaging for your business.
It is imperative to be compliant with data regulations, including GDPR. Failure to adhere to data regulation can result in severe consequences for your business and could harm customer or investor trust.
Using a cloud service which is unsuitable for your purpose can be detrimental to your computing security. If you are not using the correct application on the cloud, this could lead to poor performance and lead to more security issues in the long-term.
Lack of availability can lead to various repercussions, not just data loss. If your company is new, you may not have a solid system in place to handle any disasters that come your way. CMIT offers comprehensive disaster recovery services so that you don’t need to worry about keeping all of your data available.
Despite the inherent risks of cloud computing, it is a more efficient and less costly alternative to investing in hardware. Cloud computing services provide scalable resources and avail resources closer to the demand. Some of the key benefits of cloud computing include:
- Flexibility
- Efficiency
- Strategic Value
- Productivity
If you have been a part of the financial industry for any length of time, you know that there are always risks. With cloud computing, some businesses are wary about safety. Rest assured – we’ll protect your data with some of the most advanced security measures available.
How to Improve Security in Cloud Computing?
To succeed with cloud computing and other modern technological advances, you should use an IT support company that can offer specialist and informative advice. When considering security in cloud computing, it’s important to look to three main categories: access, preparation and understanding.
Managing Accessibility
When you store data in the cloud, you want to be sure that only authorized people can access sensitive data. If you use a system designed with security in mind, there’s less chance of a breach of your system.
Adding security protections to log-in, such as multi-factor authentication, makes cloud computing safer for users. By taking more steps to create a login than just entering a password, the access process becomes more secure and reduces the risks that arise from using the computer.
It is important to assign user access because it guarantees that only employees who need to see certain pieces of data are able to do so. This applies to both external collaborators and internal employees. Managing user access also consists of making sure rigorous off-boarding protocols are put in place when an employee leaves a company to ensure data access is revoked.
Monitor end user activities with automated solutions and easily revoke access to intruders, without disruption to your business.
Learn principles of cyber security that protect you and your business.
How to prepare for cloud computing security?
The benefits of using cloud computing services are many, but there are risks. To minimize the impact of security breaches in a cloud computing environment, you should prepare carefully. One way to do this is by improving overall security.
As human errors can compromise data, backup solutions that take data off-site and offline, such as cloud-to-cloud backup, have become necessary. As a result, these solutions help to protect against compromising and leaking of data structures.
You can reduce your risk of cloud services going down by using multiple cloud providers. If one provider goes down, you won’t be totally without service thanks to a backup provider. CMIT will support your investment firm with the implementation of alternative services.
A disaster recovery strategy is important to protect your business by making it prepared for an unforeseen occurrence. CMIT Solutions offers disaster recovery services and ensures that everyone has a set task in the case of an emergency, prioritizes their plans, and estimates their maximum possible downtime.
Training & Development
Working to understand and improve security in cloud computing is important. To do so, it could help to have a better understanding of the following:
Productivity training is important to ensure that everyone understands how vital cloud computing security is. Employees will be able to safeguard data, reduce the risks of data being stolen and take immediate action if there are potential issues with data.
You can improve the security by making use of your data protection options. This allows you to better understand your limitations, as well as work toward preventing or resolving these limitations.
Off-boarding processes are key to handling access. The process includes training employees before they leave on any off-boarding protocols to ensure they know how to handle the situation. Leaving all staff on the same page will make sure no one else falls into security breaches again.
CMIT offers quality IT Support for Alternative Investment Businesses
Cloud computing is an innovative solution to delivering your IT services. There are many benefits to the cloud including increased efficiency, but it can also be risky for businesses. The risks of a cloud-computing environment include unauthorized access, compliance and availability issues.
There are three ways to improve cloud computing security, all of which offer different solutions to keep your data safe. One improvement is categorized as ‘access’ and is about making sure that only the necessary people have access to where the data is being stored. The second type of security measures is called ‘being prepared’ and these solutions focus on how you can prepare for a potential threat. Solutions under this category include investigating malware behaviors, making backups that are efficiently stored and being able to roll back. The third type of improvements relate to understanding how cyber-attacks happen and how you can protect yourself from them. This category includes understanding common forms of attacks including SQL injections, session hijacking, active scanning and database vulnerabilities.
If you want to find out more about cloud computing, take a look at our blogs. You can learn about content for cloud computing, types of cloud computing and the benefits of cloud computing.
CMIT offers IT services tailored specifically to alternative investment businesses. We operate as your business partner and want to be seen as an extension of your business, providing consistent quality and proactive assistance. Learn more about our cloud computing services and how we can support your transition into the cloud.
Our company is not for everyone, but if you are in the alternative investment field and want to find out more about how our IT systems can help you, contact us today.
