Cloud data posing major security risk

(Image credit: Image Credit: Everything Possible / Shutterstock)

Despite regularly experiencing data incidents and breaches, businesses still store personally identifiable information (PII) in the cloud. 

A new report by Netwrix based on a poll of more than 700 companies says almost half (49 per cent) store PII in the cloud. More than four in ten, however, (43 per cent) would never store payment or financial data there.

At the same time, a quarter has had at least one cyber security incident in the past 12 months. Among companies that store PII in the cloud, but did not classify the data, more than two thirds (68 per cent) have witnessed a security incident.

Three quarters never found out who was behind the attack.

So what motivates businesses to keep pushing for the cloud? According to the report, lower costs (50 per cent) and data availability to remote workers (41 per cent) are the key drivers.

With data incidents being so prevalent, one may think businesses would increase their budgets to keep their assets safe. More than four in five (85 per cent) have not increased their security budgets this year, and two thirds (67 per cent) said their executives ‘don’t support their cloud security initiatives’.

Half will not be working on strengthening their data in the cloud, as well.

“The survey revealed that, despite the GDPR, organisations still have very little visibility into what customer data they have and who has access to it. Lack of executive support hampers implementation of a security strategy, leaving organisations vulnerable to security threats. Data discovery and classification will help organisations focus their security efforts on truly important data and choose appropriate controls within their limited IT budgets,” said Matt Middleton-Leal, EMEA and APAC General Manager at Netwrix.

Image Credit: Everything Possible / Shutterstock