Cloud adoption rates are on the rise, and businesses of all sizes are beginning to understand that migrating data to the cloud is key in boosting business agility.
According to Gartner research, the global cloud service market is projected to reach $266 billion in 2020. That’s a 17.3% increase since 2018.
At the same time, Forbes estimates that this year a whopping 83% of enterprises will move their workloads to the cloud this year and that 30% of all IT budgets are already allocated to the cloud.
If you’re still considering whether to migrate your business to the cloud. You’re probably weighing benefits such as cost reduction and efficiency. But security is another key benefit that will convince you to invest.
Having a business in 2020 means being at risk to cyberattacks and data breaches, and, unfortunately, small and medium-sized companies are the most vulnerable.
Statistics show that more than half of small businesses were affected by a data breach in the past year and that as much as 43% of all attacks are targeted at small organizations.
That’s because only 14% of them have the infrastructure needed to prevent and manage a cyberattack. Once you do become a victim, the costs can be debilitating.
In addition to losing customer trust, cyberattacks cause businesses to lose, on average, $200,000, and 60% of affected companies go out of business six months after the attack.
Cloud based IT solutions can help protect your business against these threats and many other security liabilities, making it stronger and saving money in the long run. Here’s how:
1) Cloud Solutions Can Make You Less Vulnerable To Cyberattacks
Modern hackers are both ingenious and consistent. The more businesses embrace digitization, the more they have to get used to the idea that one day, they could fall victim to a cyberattack.
Unlike big corporations, which have the resources to recover from an attack, small businesses are more vulnerable.
This means that malware, hacking, and phishing can put an end to your activity.
With cloud services, however, you can reduce the chances of falling victim to an attack and safeguard your data against anyone who tries to access it.
Take DDoS attacks, for example, which are one of the scariest types of attacks for small businesses.
During a DDoS attack, multiple machines attempt to target a single host, supercharging the target with a flood of traffic.
But, by using a cloud-based protection service, you can mitigate this incoming threat by dispersing the attack and breaking the traffic into manageable chunks.
One of the best things about cloud services is that they’re scalable and, depending on your needs and the sensitivity of your data. Your provider can offer you the infrastructure that works best for your needs.
2) Increased Data Security
In the 21st century, data is one of the most valuable assets, and, as a business, you have lots of it.
Whether it comes in the form of social security numbers, contact details, purchasing history, or account passwords.
You don’t want this data to fall into the wrong hands because a successful data breach can have serious consequences:
Losing revenue. On average, 30% of the companies affected by a data breach end up losing money indirectly.
Damaging your reputation. Modern customers have become very protective of their data, and if they find out that a company they work with has lost their data, they won’t hesitate to act.
According to a recent study, 83% of US consumers will stop spending with a business for several months after a data breach, and one fifth will stop working with it altogether.
Losing intellectual property. Not all hackers want user data. Sometimes, the breach can be orchestrated by a competitor who’s trying to gain access to your product ideas, business plans, employee data, or blueprints.
Additional costs. Apart from the actual cost of fixing the data breach, you also have to worry about extra expenses such as legal fees, PR, fines, and the cost of having your website down for a certain period of time.
Most data breaches happen in less than a minute, but businesses may not realize that they were affected for weeks. When they do, it can be too late.
By moving your business to the cloud, you have the peace of mind that there are security protocols in place to prevent any wrongdoer from eavesdropping and accessing your data.
3) Data Recovery In Case Of Theft, Loss, or Accidental Destruction
Not all security threats come from outside the company. Many times, your own employees can become a liability by accidentally losing or destroying company data.
Then, there are, of course, the usual risks of floods, fires, natural disasters, and accidents that can’t be avoided.
Just imagine what would happen if an employee accidentally spilt a cup of coffee over the laptop, lost a flash drive with all your clients’ contact details, or fire was to occur when everyone’s out of office.
Your regular business insurance covers office equipment in these unfortunate events, but it doesn’t cover the data.
More importantly, it can’t bring back data that hasn’t been backed up in advance.
Cloud solutions can. Once you migrate your business to the cloud, your cloud service provider can help you with disaster recovery and set up a business continuity strategy.
4) Comply With The Latest Security Regulations
Modern customers want their data to be secure, and lawmakers are fully aware of that.
As a result, security regulations are beginning to reflect the current digital climate, and businesses that fail to comply with security standards can face heavy fines.
For example, did you know that the FCC fined AT&T with $25 million in 2016 after a breach that disclosed the personal data of thousands of customers?
In the same year, a data breach cost Uber almost $150 million, and in 2019 the Information Commissioner’s Office (ICO) handed out a £183 million fine to British Airways for failing to protect consumer data.
As you can see, you can still be held liable if you were a victim, so don’t leave data protection to chance and invest in secure cloud solutions.