Managing Cloud Computing Security Risks for Your Business

Oct 10th, 2010 | By | Category: Technology and Science

Managing Cloud Computing Security Risks for Your Business

What a great view it would be if your business could literally work in a cloud way up in the sky!  Imagine sitting on a big fluffy white chair, while making business deals all while enjoying the blue sky and the amazing view.

images7 192x300 Managing Cloud Computing Security Risks for Your BusinessSounds nice, however, being that it’s not possible the next best thing may be “cloud computing!” Cloud computing is available all the time no matter where you are.

What is “cloud computing?”

Cloud Computing refers to the practice of outsourcing and allowing a third party to fully host a portion (or all) of your company’s technology/programs/client data. It’s becoming quite popular being that it’s the next best thing since you can’t physically work in a cloud!

One of the biggest advantages of cloud computing is it is available wherever you have access to a computer and browser. This works great for those types of businesses that work remotely from various locations. An example of Cloud Computing is Google Apps. You can use Google Apps to store your business documents. Google Apps has over two 2 million businesses and 25 million users in its cloud computing marketplace. That’s huge!

Cloud Computing is a Hot Topic for 2011!

According to Gartner Inc, the world’s leading information technology research and advisory company’s 2011 Top 10 predictions “Cloud Computing” is #1 on their list of Top Strategic Technologies!  It seems that many businesses plan to use cloud computing to host their data in 2011.  Will your business be one of them?

Its important to note that cloud computing must be controlled so that only authorized users may access remote components and remote applications. Servers must be able to authenticate remote users who request services or applications. These requests may also call for the local and remote servers to authenticate to each other. The inability to authenticate can lead to unauthorized users being granted access to remote servers and applications.

Cloud Computing Does Not Come Without Risk!

While cloud computing may be the best next thing, its important that you understand the risks and be very concerned about the security of your data that is hosted in the cloud. Remember a cloud can hold a great deal of water (data) and once it breaks (data security breach) it can cause havoc (big risk for your business)! Your business is responsible for the havoc even if you did not cause it when it comes to “cloud computing.”

If the cloud breaks (data security breach) and it leaks social security numbers, passwords, credit card numbers, or other sensitive information also known as “Personally Identifiable Information” (PII) you better be prepared to clean up the mess that is left.  If a Data Breach occurs it can be an expensive proposition for your business. Just one document leaking any of the PII mentioned below can cause your business thousands if not millions of dollars in first and third-party expenses.

Examples of “Personally Identifiable Information” (PII) include, but are not limited to:

  • Names, such as full name, maiden name, mother’s maiden name, or alias
  • Personal identification numbers, such as social security numbers (SSN), passport numbers, driver’s license numbers, taxpayer identification numbers, or financial account or credit card numbers
  • Address information, such as street addresses or email addresses

Protect your Data with “Information Privacy & Security Insurance”

If you plan to store any of the above data in a cloud then you need to be sure that your cloud is protecting your stored data and make sure you take steps to manage your risks.

Fortunately, there is insurance for this type of risk. It is called “Information Privacy & Security Insurance.”  Information Security and Privacy Insurance offers multi-faceted protection for both the expenses and the legal liabilities associated with data security privacy breaches.

For more information on protecting your business with “Information Privacy & Security Insurance” please visit: http://newjerseyinsurancehelp.com/data-breach-cyber-liab …

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