# Can companies minimise their dependency on cloud service providers? Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-08-31 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: 2022 Cybersecurity Trends: Rise of Cyberattacks & Cloud Meta Description: Discover how the rise of cloud adoption is impacting cybersecurity, with escalating security incidents and the need for resilient multi-cloud architectures. URL: https://financedigest.com/can-companies-minimise-their-dependency-on-cloud-service-providershtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-12958992781-1736815317585-compressed.jpg) _![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/090-1736815317597-compressed.jpg)_ _By **Rob Otto,** Field CTO EMEA at Ping Identity_ In the first three months of 2022 alone there were [266 security incidents](https://www.itgovernance.co.uk/blog/data-breaches-and-cyber-attacks-quarterly-review-q1-2022#:~:text=for%20the%20year.-,Overview,of%20breached%20records%20(185%2C721%2C284).), resulting in 75,099,482 compromised records. It’s clear that cyberattacks are on the rise and remain an important way for hackers to earn a profit. Worse, because cybercriminals are always coming up with new ways to steal information, it’s getting harder for financial institutions to put in place foolproof security measures. And many of these [breaches result from insecure](https://www.financedigest.com/financial-services-risk-data-security-breaches-insecure-instant-messaging.html "Financial services risk data security breaches with insecure instant messaging") hybrid-cloud networks. As [cloud adoption grows significantly due to the pandemic and the need to embrace hybrid](https://www.financedigest.com/how-hybrid-cloud-computing-offers-the-best-of-all-worlds.html "How hybrid cloud computing offers the best of all worlds") working, businesses are finding themselves with bigger distributed networks than ever before. And when more individuals have access to business data, the danger of [social engineering](https://www.financedigest.com/31972social-engineering-in-the-financial-services-people-are-the-weakest-link-in-the-security-chain.html "Social engineering in the Financial Services : People Are The  Weakest Link in the Security Chain") and attacks by “bad internal actors” grows exponentially. However, there is a price to pay for resilience; businesses want to reduce dependency on specific cloud [service providers](https://www.financedigest.com/whats-in-store-for-2016-leading-online-trading-services-provider-easy-forex-reveals-predictions-for-the-new-year.html "WHAT’S IN STORE FOR 2016? LEADING ONLINE TRADING SERVICES PROVIDER EASY-FOREX REVEALS PREDICTIONS FOR THE NEW YEAR"), but multi-cloud architectures are difficult to design and manage. How, then, will the growing popularity of [cloud computing change the cybersecurity industry](https://www.financedigest.com/the-benefits-of-adopting-cloud-technology-in-the-finance-industry.html "The benefits of adopting cloud technology in the finance industry"), and how can businesses remain secure? **Altered demands for workloads on premises** Because of the large variety of [cloud computing](https://www.financedigest.com/the-value-of-cloud-computing.html "The Value of Cloud Computing") services available today, IT teams may use several platforms to handle a wide range of cloud workloads. A [cloud workload is a particular application, service, capability, or quantity of work that may be executed on a cloud resource](https://www.financedigest.com/workforce-management-the-next-cloud-resource-for-businesses.html "Workforce management; the next cloud resource for businesses?"). [Cloud workloads include virtual computers](https://www.financedigest.com/the-future-of-cloud-computing.html "The Future of Cloud Computing"), databases, and apps. IT teams can improve application performance, lower consumption costs, and prevent vendor lock-in by matching the resources of a cloud [service with the demands](https://www.financedigest.com/multilocal-continues-hiring-spree-following-increasing-demand-for-its-services.html "multilocal continues hiring spree following increasing demand for its services") of a given workload. But keeping track of this huge multi-cloud architecture could be chaotic and hard, which would add a lot of costs and make it harder for cloud investments to [speed up innovation](https://www.financedigest.com/future-cheque-clearing-model-places-emphasis-on-speed-and-innovation.html "FUTURE CHEQUE CLEARING MODEL PLACES EMPHASIS ON SPEED AND INNOVATION"). By 2024, [more than 45% of IT spending](https://www.pingidentity.com/en/resources/blog/post/hybrid-cloud-identity-2021.html) on infrastructure software, application software, and business process outsourcing will transition to the cloud. Enterprises have embraced numerous [cloud solutions to handle particular workloads as cloud services](https://www.financedigest.com/cloud-migration-for-financial-services-organisations-whats-the-best-approach.html "Cloud Migration for Financial Services Organisations – What’s the best approach?") evolve. Certain cloud resources can handle particular cloud workloads better, boosting performance and decreasing costs. But [managing many cloud platforms](https://www.financedigest.com/newly-launched-quintessential-to-provide-prestige-living-management-platform-for-prs.html "Newly launched Quintessential to provide ‘prestige living’ management platform for PRS") may be time-consuming, costly, and difficult. A hybrid cloud approach balances cloud and on-premises workloads as IT demands and prices change and provide businesses [control over their private data](https://www.financedigest.com/dollar-buoyant-as-robust-u-s-data-keep-fed-hawks-in-control.html "Dollar buoyant as robust U.S. data keep Fed hawks in control") as well as a single location to manage and adjust capabilities across domains. But this growing dependence on the [cloud also brings with it serious security](https://www.financedigest.com/cloud-security-and-the-department-of-go.html "Cloud security and the ‘department of go’") concerns. **The** [risk of unauthorised access to data](https://www.financedigest.com/how-data-visualisation-is-helping-the-insurance-sector-understand-environmental-risks.html "How data visualisation is helping the insurance sector understand environmental risks") Business networks and firewalls have traditionally been used to restrict [access to sensitive information to those physically present at the office](https://www.financedigest.com/japan-uk-to-sign-reciprocal-access-agreement-for-military-officers-yomiuri.html "Japan, UK to sign reciprocal access agreement for military officers -Yomiuri"). But it’s not always practical to have everyone on-site these days. [Protection against social engineering and assaults by bad actors becomes more challenging as the number of individuals with access](https://www.financedigest.com/supporting-a-fair-and-resilient-society-by-protecting-access-to-cash.html "Supporting a fair and resilient society by protecting access to cash ") to data grows. The [2020 Verizon Data Breach Incident Report](https://www.verizon.com/about/news/verizon-2020-data-breach-investigations-report) found that misconfiguration of cloud services was the second most common source of breaches, behind only hackers. In 2020, for example, a [security breach at MGM Resorts happened when an unauthorised user got into a cloud](https://www.financedigest.com/how-cloud-is-driving-forward-implementation-of-zero-trust-security.html "How Cloud is Driving Forward Implementation of Zero Trust Security") server. This put the [personal information of up to 10 million customers](https://www.financedigest.com/make-it-personal-how-banks-can-better-support-sme-customers-in-q4.html "Make it personal: How banks can better support SME customers in Q4") at risk. Using risk-based authentication to restrict access to public [networks is an easy way to reduce security](https://www.financedigest.com/new-demands-on-network-security.html "NEW DEMANDS ON NETWORK SECURITY") concerns. Risk-based authentication might look for new devices and use [multi-factor](https://www.financedigest.com/fintech-at-risk-why-multi-factor-authentication-isnt-always-the-answer.html "FinTech At Risk: Why Multi-Factor Authentication Isn’t Always the Answer") authentication to make sure the user is who they say they are. **The future cost of ensuring stability** [Businesses are relying more and more on cloud computing](https://www.financedigest.com/how-cloud-computing-saves-businesses-money.html "How cloud computing saves businesses money") infrastructure to carry out activities such as hosting their websites, storing their data, and using AI. By using a [cloud computing service](https://www.financedigest.com/tomorrows-world-how-cloud-computing-will-impact-the-financial-services-sector-in-2016.html "TOMORROW’S WORLD: HOW CLOUD COMPUTING WILL IMPACT THE FINANCIAL SERVICES SECTOR IN 2016"), businesses can avoid the high cost of owning and maintaining their own information technology infrastructure and instead pay only for the resources that they actually use. Even though most [organisations still only have access to one cloud computing](https://www.financedigest.com/embracing-cloud-computing-how-and-why-organisations-are-set-to-invest-more-in-cloud-computing-in-2023.html "Embracing Cloud Computing: How and why organisations are set to invest more in cloud computing in 2023") provider, there are reasons to be hopeful that this will change in the near future. It is essential to consider both the advantages and the negatives of using a multi-cloud server approach before deciding whether or not to [put such a plan into action](https://www.financedigest.com/putting-the-action-into-your-call-to-action.html "Putting the Action into Your Call to Action"). In addition to knowing how to use a variety of software services, organisations will need to think about the [time and money](https://www.financedigest.com/how-to-use-algorithms-to-save-time-and-make-money-when-trading-currency-crypto-shares-etc.html "How to use algorithms to save time and make money when trading (currency, crypto, shares etc)") it will take to get used to using many cloud servers. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---