Reducing Cloud Vulnerabilities To Protect Economic Growth

Organizations today widely use cloud services to scale operations, improve flexibility and focus more on their daily mission, rather than managing complex IT infrastructure. But dark clouds have emerged as security breaches have wrought serious repercussions, including lengthy operational disruptions and financial damage, whether through immediate response costs or longer-term regulatory fines and/or revenue losses. 

Economic fallout from cloud security threats

According to the IBM's 2024 Cost of a Data Breach Report, the global average cost of a data breach rose to $4.88 million, from $4.45 million reported in 2023. And breaches involving public clouds were most expensive, averaging $5.17 million per incident.

Undoubtedly, cloud-based attacks have surged. CrowdStrike's Counter Adversary Operations (CAO) report found that cloud intrusions have increased by 75%.

A notable breach earlier this year targeted the cloud infrastructure of a leading software provider. Attackers used phishing and cloud account takeovers to infiltrate critical executive applications, exploiting weak identity management and misconfigured access controls. Intruders were able to escalate privileges and compromise sensitive executive communications and financial data. The fallout from this breach led to heightened regulatory scrutiny, stock price dips, and an erosion of customer trust, underscoring how a single cloud vulnerability can ripple across organizations.

Rising cyber threats are driving the need for robust cloud security measures to better protect sensitive data, ensure business continuity, and safeguard financial stability.

A deeper dive into cloud security vulnerabilities

Verizon's 2024 Data Breach Investigations Report (DBIR) highlighted a striking 180% rise in attacks exploiting vulnerabilities, especially in web applications often used to access cloud services. Vulnerabilities in web applications can be exploited to gain unauthorized access to sensitive data and cloud resources.

The most common vulnerabilities in cloud environments include:

• Zero-day exploits take advantage of software vulnerabilities that are unknown to the vendor and have no available patch, leaving "zero days" to prepare an effective response.
• Phishing and social engineering attacks manipulate individuals into revealing confidential information or granting unauthorized access.
• Misconfigurations, such as incorrect security settings or improperly managed access controls can generate security gaps that must be closed.

Increasingly, cloud security vulnerabilities emerge from the flexibility inherent in cloud-based services and the challenges involved in managing third-parties, which may include:

1. A loss of control after moving key application workloads into the cloud, which means sensitive data could be anywhere within the parameters of your organization's networks. 
2. A lack of trust in your cloud service provider, as the precise level of security provided in externally provided cloud services may not be fully understood.
3. Multi-tenancy risks stemming from multiple customers sharing a single cloud service's resources while keeping their data and applications separate. This introduces the possibility that your organization's data may somehow be shared without authorization.

Investing in proactive cloud security measures

To combat cloud security threats, organizations can proactively adopt robust vulnerability management practices, continuous monitoring and comprehensive incident response plans. As a leader in the field of cloud security, Verizon's cybersecurity solutions have evolved to help customers address escalating threats and help protect against cloud-related vulnerabilities.

Verizon's capabilities have been heavily influenced by zero day vulnerabilities, which demonstrate the importance of not relying on a single point of control, and opting instead on maintaining defense-in-depth. To that end, Verizon works continuously on the integration of cloud security controls. For example, its vulnerability management services include infrastructure as a service (IaaS) cloud security controls, via Cloud Security Posture Management (CSPM). There are also software as a service (SaaS) controls offered through cloud access security brokers (CASB). 

Proper segmentation, isolation and application of the least privilege principles can help lock down devices and help prevent lateral movements to reduce the impact of breaches. 

And in addition to proactive measures, organizations also look to detect and respond quickly to incidents as they happen. In many cloud services, critical vulnerabilities can be pushed to security operations centers (SOCs) for immediate action. For example, while many zero-day exploits on public-facing services are impossible to prevent, quick detection can help minimize lateral movements and can prevent threat actors from gaining access to sensitive data or critical cloud resources. Verizon provides integrated SOC services that can help organizations proactively defend against attacks, such as Cyber Security Incident Response Team (CSIRT) services. And to react quickly, Verizon offers Managed Detection and Response (MDR) services as well.  

Also, Verizon's Zero Trust Dynamic Access solution ensures connectivity and security for private, on-premises, cloud and SaaS resources. By implementing a Zero Trust framework, organizations can eliminate blind spots and ensure that every access request is thoroughly vetted regardless of its origin.

Future-proofing cloud security

Because spending on global public cloud services is forecast to reach $805 billion in 2024 and double in size by 2028, according to IDC research, it's clear the need to strengthen cloud security will only grow. By leveraging technologies such as data encryption, IAM, and real-time threat detection, organizations across all sectors can help safeguard sensitive information and help better maintain customer trust in the years to come.

For the latest in cloud security strategies, explore Verizon's tailored solutions that can provide enhanced protection across various sectors, helping organizations to operate smoothly, securely and profitably. For a deeper dive, review Verizon’s latest insights here. 

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This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This content is for informational purposes only and not intended to be investing advice.