Cloud is a new way of doing business everywhere. Software as a service, also dubbed as SaaS applications such as Office 365, G Suite, and more, live in the cloud and offer business tools and technology that is affordable, hi-tech, and easy to use.
What does in the cloud actually mean?
As aptly quoted by Sunny Ghosh, Director and CEO of Wolf Frameworks, “The end of ‘Fashion-IT’ — customers will only pay for value and not technology.”
In simple terms, cloud computing is an arena where business leaders all over the world can bypass IT departments to get access to the most expensive, high powered, and technology-driven applications, also known as SaaS, by paying for them just like they would pay for magazine subscriptions.
SaaS adds more convenience and value to a business by giving business leaders the freedom to end the subscription when they no longer need the service.
SaaS indeed saves businesses from the hassle of maintaining and upgrading in-house or on-premise servers and software that demands an exclusive team with bank-breaking expenses.
Not just this, but when we trust the cloud for data, we rely on the server’s maintenance technology and reputation offered by SaaS vendors.
But is it enough to keep your data protected? Is it the sole responsibility of the SaaS vendor to protect data?
The race of digital transformation and dependability on technology for success is getting private as well as government business moving on to the cloud. However, there are still certain businesses that refrain from making the most of the offering, considering lingering concerns about data security associated with cloud computing.
List of primary risks of cloud computing
- Compliance violations
- Malware and data breaches
- Identity theft
- Diminished customer trust
- Revenue loss
Cloud services primarily classified as Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service have the capabilities to offer businesses of every size and shape the necessary software in the most hassle-free way. However, it is also important to understand that a good and well-known cloud security provider can offer scalable solutions that can identify threats before they can reach the data center and avoid the following security concerns –
Loss of data
Considered as a nightmare in the world of business, data loss can occur anytime due to server crashes, accidental or intentional deletion of data or a ransomware attack. And this leaves the company vulnerable to threats such as loss of revenue, reputation, and litigations. But data security or SaaS data protection solutions can work marvelously.
We agree that cloud storage providers have raised the bar and offer solutions that secure their networks and data to great lengths, but unfortunately, not all attacks can be prevented.
Limitless amounts of data stored on the cloud are accessed and deployed with the help of a sturdy internet connection, increasing the risk of cyberattacks. Additionally, an increasing number of sophisticated web attacks can also crash servers resulting in data disaster. And the possible solution to avoid this risk is by investing in a well-researched data protection solution.
Increasing intensity of legislation on data protection regulations by GDPR (General Data Protection Regulation) in Europe, PIPEDA (Personal Information Protection and Electronic Documents Act) in Canada, CCPA (California Consumer Privacy Act ) in California, HIPAA (Health Insurance Portability and Accountability Act) for healthcare, and several other data protection regulations all over the world make it inevitable for businesses to stay compliant. Therefore, businesses must have constant rules about who can access what data and how the data can be used.
Staggering SaaS statistics that cannot be missed
- Global SaaS workload is expected to reach 380 million by 2021
- The annual growth rate of the SaaS market is 18%
- Only 2% of UK businesses are not on cloud
- Businesses running entirely on SaaS use 34 apps, on average
- 50% of US governments are on cloud
These statistics look promising and give us a hint about the rate at which businesses are adopting the concept of doing business in the modern age. But this does not eliminate security risks.
Security issues faced by SaaS applications
Cloud computing comes with several distinctive and unexpected issues and challenges. The fact that data in the cloud is stored with a third-party provider and easy accessibility with the help of an internet connection makes this information extremely vulnerable. This means the business has very little visibility and control over its own data. This is what questions security in the cloud and makes it imperative for everyone to understand their respective role in data protection.
Businesses need to know that cloud service providers consider cloud security as a shared responsibility. This clearly means that the company or the customer is equally responsible for securing business and sensitive data.
Wondering why am I not talking about the conclusion? Well, 3 minutes are too little to compile information on broad technical elements like SaaS and data protection. So, stay tuned for more valuable information in the next and concluding part of the blog.
See you there.
To know more, click here for the second part of this blog.