FEATURE : CLOUD SECURITY
Among these approaches , the single-cloud model is known for its security advantages , stemming from its simplicity in implementing cybersecurity measures and its clear accountability for data and traffic .
However , it is essential to recognise that relying on a single cloud can entail various risks , a key one being the potential limitation of data sovereignty . Moreover , an overreliance on a single cloud provider exposes companies to concentrated cybersecurity risks , such as data breaches and threats that could have more extensive consequences . It may also restrict a company ’ s flexibility to leverage alternative platforms that may better align with its specific business needs and objectives .
In the pursuit of heightened cybersecurity , data redundancy and reliability are paramount considerations . Here , the multi-cloud approach offers an added layer of security through the avoidance of vendor lock-in , and the ability to dilute cybersecurity risks across multiple platforms .
Multi-cloud
In an ever-evolving technology landscape , adaptability and choice are valuable assets . These are factors that are made possible with a multi-cloud network , allowing businesses to connect and adapt to changes in people , data , and workloads efficiently , securely , and reliably .
According to the Flexera 2023 State of the Cloud Report , this is a strategy that 87 % of the global companies surveyed have embraced , largely due to its flexibility in curating a range of cloud environments tailored to their needs , without being locked into a single vendor or contract . A multi-cloud infrastructure also bolsters business resilience by providing alternative resources and data storage options , effectively minimising downtime risks .
That is not to say that it does not come with its own set of challenges , such as managing compliance and data across multiple cloud providers and regions . Mismanagement could lead to fines , business disruption , or revenue loss , while siloed management tools could restrict data access for executives to make informed decisions .
The key to overcoming these challenges lies in aligning operational tools , processes , and personnel , through solutions such as investing in the right cloud management platform . This can help unify existing tools and streamline cloud management , and aid in creating a secure , compliant , and costefficient network .
As the digital landscape evolves , so do the threats it presents . Even with a multicloud approach , companies should never compromise on vigilance . The best way to stay ahead is by building resilient strategies to weather the storm and leverage solutions at hand .
Regulations and compliance
Regulators are taking a tougher stance as the finance and insurance sector is a prime target for cyber criminals , requiring greater operational resilience to defend against business and supply chain disruption .
The scale of the cybersecurity problem facing banking and financial services is increasingly evident . More than four fifths , 81 % of financial service professionals fear an escalation in cyber-attacks , driven by unsettled geo-political situations .
Further , it is estimated that 3.4 million more cybersecurity workers are needed globally to secure assets effectively , leading to 43 % of executives expressing concern that their bank may be ill-equipped to protect customer data , privacy and assets in the event of a cyber-attack .
Although the risk landscape for the banking and financial sector is changing as the market develops , this change is ripe with potential – provided it is paired with Zero Trust thinking and development that keeps pace . This new cloud-centric , more regulated environment calls for a robust cybersecurity posture , particularly for high-value cyber targets .
Top : Rodney Kinchington , Managing Director , Asia Pacific and MEA Regions , BT Business
Bottom : Todd Schoeman , BT Client Business Director , South Africa
THE COST OF CYBERCRIME WORLDWIDE IS PREDICTED TO REACH US $ 8 TRILLION IN
2023 AND WILL INCREASE TO US $ 10.5 TRILLION IN 2025 .
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