Why settle for one cloud when you can have a whole buffet of platforms to keep your data safe and sound? With more and more sensitive information being stored in the cloud, having a comprehensive cloud data security strategy is absolutely critical to prevent your data from being hacked, leaked, or stolen. This is why a multi-cloud data security strategy is not only important to have, it’s virtually a requirement!
What is Multi-Cloud Data Security and Why Is It Important?
Multi-cloud data security refers to the measures and strategies put in place to protect sensitive data across multiple cloud services. An organization has a multi-cloud environment when it uses a collection of different cloud services, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP), to store and manage its data.
Multi-cloud data security aims to protect sensitive data from unauthorized access, breaches, and data loss, as well as to achieve compliance with data regulations and standards such as HIPAA, SOC 2, and PCI DSS. This involves implementing security controls, such as encryption, access controls, and monitoring and detection, across all of the different cloud services that an organization uses.
Multi-cloud data security is an increasingly important concern for large enterprises, as more companies are utilizing a collection of different cloud services to store and manage their sensitive data. This multi-cloud model can bring many benefits to an organization, including increased flexibility and scalability, but it can also introduce new security challenges that must be addressed.
Challenges to Multi-Cloud Data Security
With multiple cloud services in operation, ensuring that sensitive data is protected across all of them can be a major–and sometimes unexpected–challenge. Managing this complexity requires a comprehensive security strategy that takes into account the unique security features and capabilities of each individual cloud service, as well as the organization’s specific needs and requirements.
Another important aspect of multi-cloud data security that can pose a challenge for data teams is the need to monitor and manage security risks across the different cloud services. Data security teams are required to monitor for potential threats, such as hacking attempts or data breaches, as well as proactively manage vulnerabilities and patch any security holes that are discovered. Doing this platform-by-platform can quickly become time intensive as data volumes and users increase, which heightens the chances of risks becoming realities.
For the CISO, multi-cloud data security is a critical area of responsibility, as it is their job to ensure that the organization’s sensitive data is protected and that potential security risks are identified and addressed in a timely manner. They are responsible for creating and implementing a comprehensive security strategy that takes into account the organization’s unique security needs and its various cloud services, as well as staying up-to-date with the latest security trends and best practices.
Benefits of Multi-Cloud Data Security
One of the key advantages of having a multi-cloud data security strategy in place is that it allows an organization to be more resilient in the face of security threats. By using multiple cloud services, an organization can spread its data across different locations and platforms, reducing the risk of a single point of failure. This can help to mitigate the impact of a security incident like a data breach, and minimize the overall risk to the organization’s sensitive data.
Another benefit is that it can increase the organization’s flexibility and scalability. By using multiple cloud services, data teams can take advantage of each service’s unique features and capabilities, such as increased storage capacity or faster processing power. This can help to improve the organization’s overall performance and agility, allowing it to more easily adapt to changing business needs. Overall, multi-cloud data security ensures that data is protected and that potential security risks are identified and addressed before they can spiral into a full-scale data leak or breach.
Multi-Cloud Data Security in Practice: Financial Services
Now, let’s look at this concept through the lens of a financial services company. How would a multi-cloud strategy benefit data security in financial services the most?
Due to the sensitive nature of financial data and the speed at which the market moves, a multi-cloud data security strategy is essential for protecting data without causing delays to access. Here are a few examples of how a financial services company could best utilize multi-cloud data security:
- Compliance with regulations: Financial services companies are subject to strict regulations, such as the Payment Card Industry Data Security Standards (PCI DSS) and the General Data Protection Regulation (GDPR), which require them to protect sensitive customer data. By utilizing multiple cloud services, a financial services company can spread out its data across multiple locations, reducing the risk of having a single point of failure and increasing its ability to comply with these regulations.
- Business continuity and disaster recovery: Financial services companies need to ensure that their systems and data are always available, especially in one of the most frequently targeted industries for data breaches. By using multiple cloud services, a financial services company can increase its ability to quickly recover from a disaster and minimize the impact on its customers and operations.
- Security and encryption: Financial services companies handle sensitive personal and financial information, and they need to ensure that this data is protected from unauthorized access. By utilizing multiple cloud services, a financial services company can take advantage of the different security features and encryption capabilities offered by each service, such as stronger encryption algorithms or advanced identity and access management solutions, to better protect its sensitive data.
- Data sharing: Secure and efficient data sharing is key to the success for organizations across industries. Financial services institutions rely on shared data in order to most effectively forecast markets, communicate funding, and much more. As the financial services industry begins to shift towards more open, accessible data sharing, having multiple cloud platforms can facilitate enhanced sharing, storage, and analysis capabilities–as long as the data is properly secured and protected from unauthorized access.
- Data analytics and big data: Financial services companies process and analyze large amounts of data to make informed business decisions and improve their operations. By using multiple cloud services, they can take advantage of the unique data analytics and big data capabilities offered by each service, such as faster processing power or advanced machine learning algorithms, to improve their data analysis capabilities. This can lead to more informed decision-making, which could increase long-term revenue and higher quality customer service.
- Cost optimization: Financial services companies have to balance the cost of the security measures with the value of the data they are protecting. Using a multi-cloud data security strategy will allow them to make cost-effective decisions by choosing the cloud providers that best fit their specific needs and budget.
Why Implement a Multi-Cloud Data Security Model?
A multi-cloud data security strategy can provide a financial services company with the necessary tools to protect sensitive customer data, comply with regulations, ensure business continuity, and optimize costs, all while taking advantage of the unique features and capabilities of each cloud service.
In summary, multi-cloud data security is a vital concern for large enterprises that utilize multiple cloud services to store and manage their sensitive data. Having a comprehensive security strategy in place is essential for protecting sensitive data and managing security risks across all of an organization’s cloud services. The CISO has a critical role to play in ensuring that the organization’s sensitive data is protected, and that potential security risks are proactively identified and addressed. Multi-cloud data security can also provide many benefits for the organization, including increased resiliency, flexibility, and business optimization.
Having a foundational knowledge of multi-cloud data security is the first step in navigating its potential complexities. Check out our white paper to learn more about how to avoid the challenges of cross-platform data security and access control.