Over the last 15 years, cloud computing has become a mainstream way for alternative investment firms to deliver IT services within their businesses. The various types of cloud computing increase efficiency, flexibility and provide a high level of strategic value.
While the benefits of cloud computing significantly outweigh the security risks of cloud computing, security issues with cloud computing can occur if not properly configured. This includes poor system performance, lack of compliance, or unauthorised access to data, all of which can have a detrimental effect on your business.
With effective cloud computing security, you can protect your data, systems and ultimately your business. This blog will support you with understanding both the security risks, and how to improve security in cloud computing.
At Tribeca, we are committed to supporting alternative investment businesses to implement bespoke and secure cloud computing services. If you want to find out more about the fundamentals of cloud computing, including what cloud computing is and what the difference is between each type, take a look at our recent blog.
Are There Security Issues with Cloud Computing?
When considering cloud computing within your business, you might be wondering, are there security issues with cloud computing? As with any digital service, if not properly configured by an accredited IT partner, there may well be security risks to be aware of, such as:
- Unauthorised access to data – Failing to appropriately manage user access can lead to unauthorised persons being able to access, use and breach data stored in the cloud. This could lead to a serious data leak of highly confidential information which could negatively impact your business.
- Compliance – Being compliant with any and all regulations surrounding data, including GDPR, is crucial for your business. If you are not compliant with data regulations, you could face fines, more severe consequences and ultimately lose client or investor trust.
- Poor application/system performance – If you are using the wrong type of cloud computing service for your business’ needs, you may experience poor application or system performance which can create cloud computing security issues. Also, if your application has not been purpose-built for the cloud, it is likely to run into problems which can also cause security issues in cloud computing.
- Lack of availability – A lack of availability can lead to data loss and unnecessary downtime which can negatively impact your business’ profits, efficiency and communications. If you do not have high cloud computing availability, it is unlikely that your most critical data will be available in the event of an unprecedented emergency. Find out more about how using Tribeca’s disaster recovery services can help you ensure your data remains available during emergencies.
However, the benefits of using cloud computing services far outweigh any cloud computing security issues because there are ways to improve the security risks of cloud computing. Some of the key benefits of cloud computing include:
- Strategic Value
If you are an alternative investment business and are concerned about any of the potential security risks of cloud computing, contact us today to find out more about how our cloud computing services can securely and safely implement cloud computing within your business.
How to Improve Security in Cloud Computing.
To ensure your alternative investment business can reap all the benefits of cloud computing, use a specialist IT support company such as Tribeca. When considering how to improve security in cloud computing, there are three main categories you need to think about: ‘Access’, ‘being prepared’ and ‘understanding’.
Managing access and ensuring that only the appropriate people can access the appropriate data is crucial in preventing data breaches and maintaining cloud computing security. You should consider the following when thinking about how to improve security in cloud computing through access:
- Multi-factor authentication – Implementing multi-factor authentication takes the pressure off using only passwords. As a result, it ensures that no unauthorised persons can access the data, reducing the security risks of cloud computing.
- Manage user access – Assigning access control is crucial because it ensures that only employees who need to see certain pieces of data can see that particular data. This applies to external collaborators as well as internal employees. Part of managing user access is also making sure rigorous off-boarding protocols are put in place when employees leave your company to ensure access to data is revoked.
- Monitor end user activities – Monitoring end user activities with automated solutions enables you to detect intruders. As a result, you can revoke access easily and efficiently without causing disruptions to your business.
- Encryption – It is strongly encouraged that you encrypt all data at the source to ensure the highest level of security and prevent unauthorised persons from accessing your data.
Find out more about the fundamentals of cyber security and how you can protect your business and its data.
Being prepared for the security risks of cloud computing is as important as finding solutions for when risks happen. Thorough preparation can limit the impact of security breaches. Ways to improve security in cloud computing that come under ‘being prepared’ include:
- Cloud-to-Cloud backup solutions – Cloud-to-cloud backup eliminates the risk of human error when backing up your company’s data. As a result, cloud-to-cloud backup solutions can help prevent the compromise of access and the leaking of data.
- Multi-cloud strategies – Lack of availability and service downtime pose significant cloud computing security threats. By using multiple cloud services, you reduce the risk of a complete service outage. Find out more about Tribeca’s cloud computing services, to understand how we can support your alternative investment business with the implementation of cloud services.
- Disaster Recovery – Having a thorough disaster recovery strategy is crucial to protect your business and keep it running in the event of an unprecedented emergency. A disaster recovery strategy ensures everyone understands their roles during an emergency, prioritises your systems and data, and evaluates the maximum possible downtime your systems can have before your business is seriously impacted. Find out more about Tribeca’s disaster recovery services.
Training & Development.
If you and your employees understand the importance of cloud computing security, there is less likely to be security breaches. To improve security in cloud computing by developing understanding, you should consider the following:
- Provide training on cloud computing security – Offering training to employees ensures everyone understands how important cloud computing security is. Appropriate training will support your employees to understand how to keep data secure, how to minimise the risks and what to do if the risks become likely issues.
- Know your data protection options – Simply knowing your options regarding data protection will help you improve cloud computing security because it will give you a better awareness of the limits of cloud computing, as well as options on how your business can prevent or resolve these limitations.
- Off-boarding process – We have already mentioned how a rigorous off-boarding process is key to managing access. However, it is also important to remember to train your employees on any off-boarding protocols you put in place to ensure they understand the process. Making sure all staff are on the same page will avoid unnecessary and accidental security breaches.
Tribeca provides quality IT Support for Alternative Investment Businesses.
Cloud computing provides an innovative solution to delivering your business’ IT services. While cloud computing has many benefits such as increased efficiency, it is important to be aware of the security risks of cloud computing. Potential security issues of cloud computing include unauthorised access, compliance and lack of availability.
However, there are many ways to improve cloud computing security, all of which ensure that your data remains secure and your systems maintain their high performance. You can categorise security improvements under ‘access’, ‘being prepared’ and ‘understanding’.
At Tribeca, we offer IT support services tailored specifically to alternative investment businesses, from Hedge Fund IT Support to Private Equity IT Support. We operate as your business partner and want to be seen as an extension of your business, providing consistent quality and proactive assistance to help you grow and protect your business. Find out more about our cloud computing services and how we can support your transition into the cloud.
If you are in the alternative investment industry and want to find out more about how we can revolutionise your company’s IT system delivery, get in touch with us today.