I’m In The Cloud!

How many times have you said that feeling completely confident in your data’s security?

No one wants to pay for something they don’t need, right? And, since your data is “in the cloud,” you don’t need any extra protection, right?

Let’s look more closely at “the cloud.”

Yes, financial pressures from inflation are real on many fronts, but that clouds (pardon the pun) the judgement of small business owners – especially when it comes to paying for IT support and security vs. just believing your cloud data is safe. The most common response is “My business runs in the cloud. Everything we do is stored in the cloud. Why do I need to pay for IT support and cyber security?”

Our response is, “If you store data in the cloud, hackers want at it, and they work very hard to get it.”

Yes, even though it’s in the cloud.

According to Homeland Security and Interpol, attacks are increasing year over year. Out of all the nations in the world, the United States is targeted the most by bad actors and cyber criminals. The types of attacks are expanding to include both data exfiltration and ransomware. Attackers are no longer just individuals but highly organized groups working around the clock to get your data and sell it. It has developed so much that there are now franchises for hacking. They even provide helpdesk support and AI malware.

Still think your data is completely secure in the cloud?

The financial industry is the #1 targeted industry with 23.6% of all attacks aimed toward them. Webmail, eCommerce/retail, and social media are 2nd (20.5%), 3rd (14.5%), and 4th(12.5%) respectively.

Most small business owners think they aren’t the target of cyberattacks. They think hackers don’t pay them any attention. Well, in 2022, the small business sector was the highest targeted corporate ransomware victim at 28.4% of attacks. Businesses with revenue greater than $1B accounted for only 10.8%, and businesses with revenue ranging from $500M to $1B accounted for only 5.2% of attacks.

What about your liability storing all your data in the cloud?

“I am in the cloud. If a breach happens, it is the other company’s fault. They hold all the liability.”

Not according to FINRA. Breaches can be your fault. “Intrusions are generally accomplished through the theft of the login credentials of a customer or firm employee. Accounts have also been breached through fake electronic instructions (e.g., email requests for funds transmittals).”

The cloud continues to get darker as you dig deeper into the facts. Last year, 80% of data breaches impacted data stored in the cloud. For example, 1 out of 4 people in the U.S. had their health data exposed in a data breach. In fact, because of today’s interconnected world, it is estimated that 98% of organizations have a relationship with a vendor that has experienced a data breach.

According to the FBI, attacks are rising and becoming more effective. Cybercriminal groups are growing more organized and have access to higher budgets. Each piece of data, on average, is worth $180 and is the reason for data exfiltration. In turn, companies paying ransomware help fund the attackers’ causes which enables them to develop more sophisticated mining tools.

Examples of this are:

In May 2023, Toyota Motor Corporation, a Japanese automaker, disclosed a data leak spanning a decade due to a security oversight in a misconfigured cloud database managed by its big data and mobility affiliate, Toyota Connected Corporation. The breach compromised the information of 2.15M Japanese car owners, revealing vehicle identification numbers, locations, and video footage captured by the vehicles.

In October 2023, 23andMe, a widely used genetic testing company, revealed a data breach that exposed sensitive customer information, including names, photos, and genetic data. The hackers claim to have stolen 300 terabytes of user data from 23andMe – that’s THREE HUNDRED TRILLION bytes…or THREEHUNDRED MILLION megabytes…it’s a lot.

Flagstar, a commercial U.S. bank, has faced three data breaches since March 2021. The most recent breach in May 2023 led to the exposure of personal information belonging to over 800,000 Flagstar customers.

Do you still believe your cloud data is safe?

It’s not.
Get protected before it’s too late.