Strategies for Risk Management in Cloud Computing

5 Strategies for Risk Management in Cloud Computing

Beyond security measures, the use of cloud computing services must be done in a reasoned and pragmatic way,

Today, Cloud computing is one of the key technologies supporting digital transformation. This is where everything happens when it comes to innovation issues, not only in IT but also in business management. It is a flexible and expandable environment where everything connects.

But for technology to deliver all the benefits that are widely publicized, it needs to be well-planned, as well as a team that can monitor the platform to work properly, contributing to the company’s goals.

Risks Associated with Cloud Computing

Cloud computing involves both technical and operational risks for the customer and legal risks due to the loss of control of the customer over his own data being processed. The risk of piracy is not new and existed long before cloud computing came into the picture. But this new way of managing files facilitates the work of hackers.

When information processed is managed internally or even outsourced conventionally, the geographic location of the data is not a problem. But, on the contrary, cloud computing often results in a geographical spread of data, which the user may not be able to control.

Any problem or security vulnerability affecting the availability of the service can potentially impact all the customers of a provider.

Strategies for Risk Management in Cloud Computing

Cloud Journey Considerations

When hiring your cloud provider, the user should consider three key points in implementing a cloud risk management strategy:

  • Evaluation and Migration: The provider should offer professional services to help you migrate to the cloud if your company does not have specialized in-house resources and also should offer a trial period for you to test the service.
  • Business models and flexibility: It is important to know if the provider offers to pay as you go, has the flexibility or agility to incorporate new services and increase processing capacity as your business demands.
  • Contingency: In the event of system failure, you should be aware of the provider’s back-up plans.

Location management

Regarding the location of data, it is necessary to regulate data transfers outside the European Union in order to ensure that the data thus transferred will benefit from the same level of legal protection regardless of where it is located.

Use of Risk Management Framework (RMF)

The “NIST SP 800-37 Rev.1” defines RMF as a six-step process for architecting a data security framework for new IT systems. The risk management framework identifies and protects your sensitive and endangered data.

It oversees and detects what happens to the data, who are accessing it or if there is any suspicious conduct. Below mentioned are the six process steps of RMF:

  1. Categorize Information Systems: Prioritization of information systems based on impact assessment.
  2. Select Security Controls: It defines the controls to be used based on impact assessment and baselines.
  3. Implement Security Controls: At this stage implementation of controls and drafting of documents takes place.
  4. Assess Security Controls: At this period of time, it is confirmed that controls are implemented correctly, operate as intended, and produce desired results.
  5. Authorize Information System: Acceptance of the risk scenario, and authorization for the operation and use of information systems.
  6. Monitor Security Controls: Regularly monitoring information systems and operating environment to determine the effectiveness and compliance of controls.

Additional technical measures

The user of cloud computing can implement IT security measures to protect the data. At a minimum, data flowing in and out of the cloud must be encrypted. This encryption can be achieved by using SSL or setting up a VPN.

In addition, it is strongly recommended to use encryption of the data itself, whenever possible. The methods for implementing this encryption, including key management, must be studied so that only the client is able to access the data.

Risk Analysis

Beyond security measures, the use of cloud computing services must be done in a reasoned and pragmatic way, by accurately assessing the expected risks and benefits.

Therefore, the implementation of a risk management approach seems unavoidable, because it alone allows ensuring full consideration of the problems of using the cloud and the adequacy of security measures with the risks incurred.

This also makes it possible to identify the legal levers to be implemented to reduce certain risks related to the lack of visibility on the actual operation of the service.

Concluding Words

This indicates that data security is the biggest concern among IT leaders, followed by application availability.

Companies dealing with financial information and medical records, for example, must adhere to a series of rules and standards for storing and transferring this data, increasing the importance of cloud associated risk management with automated and customized business protection strategies.

You may also like to read:

Cloud Security Standards You Need to Ensure
Application Virtualization in Cloud Computing: Working, Role & Tools

Jason Hoffman

I am the Director of Sales and Marketing at Wisdomplexus, capturing market share with E-mail marketing, Blogs and Social media promotion. I spend major part of my day geeking out on all the latest technology trends like artificial intelligence, machine learning, deep learning, cloud computing, 5G and many more. You can read my opinion in regards to these technologies via blogs on our website.