Paul Walker, associate partner, external audit, Findex
By Paul Walker, associate partner, external audit, Findex
OPINION
As the world evolves, businesses must continue to modernise their systems and processes to remain relevant, efficient, and secure. Cloud storage offers many benefits, which is why more businesses are adopting it. However, it’s crucial to understand the associated risks and how to manage them effectively to fully leverage the advantages of cloud computing.
Understanding and mitigating the risks
To mitigate risks, you need to understand what the risks arising from the use of IT and cloud computing are. Once those are identified and understood, you can build and implement controls to mitigate those risks. Some of these include:
Data breaches and security threats: Cybercriminals are constantly looking for weaknesses in cloud systems. You can mitigate this risk by implementing robust security measures, including data encryption and multi-factor authentication.
Loss of control over data: Trusting third-party providers with sensitive information can be risky. Regularly back up data and choose reputable cloud service providers with strong security records.
Service outages and downtime: Interruptions can disrupt business operations. Have a solid disaster recovery plan and ensure your cloud provider offers reliable uptime and support.
Compliance with regulatory standards: Following legal rules and regulations can be complex and demanding. Work with cyber experts or familiarise yourself with relevant laws and align your cloud practices with these requirements through a comprehensive management policy.
Reaping the benefits
When managed correctly, the benefits of cloud data storage far outweigh the risks. Cost savings and scalability are among the most significant advantages. Cloud services eliminate the need for expensive on-premises hardware and allow businesses to scale their storage needs up or down as required.
Enhanced collaboration and accessibility are other notable benefits. Cloud storage makes it easy for employees to work together and access data from anywhere, which boosts teamwork and productivity.
Cloud storage enhances the way businesses work collaboratively and can improve the delivery of services. It also allows businesses to be more flexible and efficient, helping them quickly adapt to changes and run more smoothly.
Finally, cloud data storage supports business continuity and disaster recovery. In the event of a natural disaster or cyberattack, cloud-based backups ensure critical data is not lost, allowing businesses to recover swiftly and minimise downtime.
While working on the cloud presents certain risks, the benefits it offers make it an invaluable tool for modern businesses. By implementing robust security measures, maintaining compliance, and choosing reliable service providers, businesses can mitigate these risks and fully leverage the advantages of cloud computing.
When managed correctly, cloud data storage not only enhances efficiency and collaboration but also provides a secure and scalable solution for today’s data-driven world.
To talk to an expert on your specific business needs, contact our team at findex.co.nz
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