Of all the companies storing customer data in the cloud, more than half (54 percent) suffered a security incident last year.
This is according to a new report from Netwrix, which states that most businesses (62 percent) are contemplating removing sensitive data from the cloud as a result. Some have already done so, it was added.
Data theft scenarios are doing “considerable damage” to businesses, the report claims, with company valuation, customer churn and competitive edge all trending negatively as a result.
In most cases, businesses suffered phishing, ransomware or malware attacks, although insider threats also played a part. To eliminate security gaps and mitigate the results of these incidents, many businesses were forced to obtain extra budget.
There are multiple challenges associated with security in an organization, with a lack of IT staff, funding and expertise being the top three. “These hardships force security teams to operate in the ‘new day, new breach’ reality,” said Ilia Sotnikov, Vice President of Product Management at Netwrix.
Businesses are not giving up on security, though, employing encryption, user activity audits and employee training to strengthen their defenses. Classifying sensitive data in the cloud is also high on agendas.