{"id":95513,"date":"2021-07-06T16:47:00","date_gmt":"2021-07-06T15:47:00","guid":{"rendered":"https:\/\/cloudcomputing-news.net\/?p=95513"},"modified":"2021-07-07T07:48:57","modified_gmt":"2021-07-07T06:48:57","slug":"cloud-account-compromises-costs-organisations-4-5m-annually","status":"publish","type":"post","link":"https:\/\/www.cloudcomputing-news.net\/news\/cloud-account-compromises-costs-organisations-4-5m-annually\/","title":{"rendered":"Cloud account compromises costs organisations \u00a34.5m annually"},"content":{"rendered":"\n

The average cost of cloud account compromises reached $6.2 million (\u00a34.5m) over a 12-month period according to more than 600 IT and IT security professionals in the US.<\/p>\n\n\n\n

This finding is the most revealing of many from a new report on \u2018The Cost of Cloud Compromise and Shadow IT\u2019<\/a> <\/strong>released by Proofpoint, a cybersecurity and compliance company, and the Ponemon Institute, an IT security research organisation.<\/p>\n\n\n\n

Of the respondents, 68% believe cloud account takeovers present a significant security risk to their organisations, with more than half noting an increase in the severity and frequency of compromises within the last 12 months.<\/p>\n\n\n\n

Microsoft 365 and Google Workspace accounts are the most heavily targeted, usually by brute force or phishing-based attacks. Over the 12-month period, organisations experience an annual average of 138 hours of application downtime.<\/p>\n\n\n\n

Perhaps more worryingly, only 44% of survey respondents believe their organisations have established clearly defined roles and levels of accountability for safeguarding confidential cloud data. Furthermore, fewer than 40% of respondents say their organisations are vigilant in conducting cloud app assessments before deployment.<\/p>\n\n\n\n

Reflecting on the report\u2019s findings, Dr. Larry Ponemon, chairman and founder of the Ponemon Institute, said: \u201cThis research illustrates that leaving SaaS security in the hands of end-users or lines of business can be quite costly.\u201d<\/p>\n\n\n\n

\u201cCloud account compromises and sensitive information loss can disrupt business, damage brand reputation, and cost organizations millions annually,\u201d he added.<\/p>\n\n\n\n

Another key finding of the report focused on shadow IT \u2013 the use of cloud applications and services without the approval or knowledge of IT \u2013 and its impacts. 75% of respondents say the use of cloud apps without IT approval is a serious security risk and yet only 40% believe their organisations know all the cloud platforms that their users are engaged with.<\/p>\n\n\n\n

Considering an average of 42% of corporate data is stored in the cloud, the need for further investment in expertise and technologies, as well as user training, seems evident.<\/p>\n\n\n\n

Tim Choi, VP of product marketing for Proofpoint, said: \u201cSaaS security cannot be an afterthought given the high cost of cloud account compromise. The move to the cloud and increased collaboration requires a people-centric security strategy backed by a cloud access security broker (CASB) solution that is integrated with a larger cloud, email, and endpoint security portfolio.”<\/p>\n\n\n\n

Want to find out more about topics like this from industry thought leaders? The Cloud Transformation Congress<\/a>, taking place on 13 July 2021, is a virtual event and conference focusing on how to enable digital transformation with the power of cloud.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The average cost of cloud account compromises reached $6.2 million (\u00a34.5m) over a 12-month period according to more than 600 IT and IT security professionals in the US. This finding is the most revealing of many from a new report on \u2018The Cost of Cloud Compromise and Shadow IT\u2019 released by Proofpoint, a cybersecurity and […]<\/p>\n","protected":false},"author":56708,"featured_media":29785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,18,55,33,3],"tags":[131,281],"ppma_author":[892],"class_list":["post-95513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cloud-computing-data-analytics","category-cloud-computing-industries","category-cloud-computing-privacy","category-cloud-computing-research","category-cloud-computing-security","tag-cloud-security","tag-saas"],"acf":[],"yoast_head":"\nCloud account compromises costs organisations \u00a34.5m annually<\/title>\n<meta name=\"description\" content=\"The average cost of cloud account compromises in the United States was $6.2 million over the 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