A breach in an organization’s database causes considerable damage. A data breach can cost a company millions of dollars. According to a recent survey by ServiceNow, around 20% of businesses in Australia and Singapore are at risk of a data breach. Most of the risks come from unsanctioned cloud applications.
Survey Highlights Cloud Security Issues
A mere 20% of company executives in Australia and Singapore successfully ward off security breaches. These statistics are alarming, indicating that a majority of the companies in both counties are not able to protect their data from getting into the wrong hands.
These astonishing results are provided by the corporate service supplier, ServiceNow. Oxford Economics commissioned the survey and collected data from 300 CISOs (Chief Information Security Officers) around the world. Among them, 50 CISOs were from Australia and another 50 from Singapore.
How to Deal with a Data Breach in the Cloud
Experts discussed strategies that help them face challenges posed by severe threats of a data breach in the cloud in the current cyber landscape. The various data breach issues faced by CISOs in both Australia and Singapore are blamed for a severe lack of secure resources. The lack of resources related to security have caused companies in both countries to suffer heavy losses. Many companies in both countries today are troubled with cloud security.
Approximately 66% of corporate security officers in Singapore and 72% in Australia are not able to prioritize their alerts to highlight which data is critical. To highlight this particular concern, ServiceNow CISOs in Australia and Singapore turn to security automation experts.
One-third of the total respondents from Australia and Singapore recently used automation for improving cloud security. About 40% of the overall security processes and 66% companies in both countries plan to have automation within the next three years.
Growth in Threat Intelligence
Tech companies in Australia and Singapore are trying to improve their threat intelligence. Today, more and more companies around the world, including Australia and Singapore, are working on improving their growth in threat intelligence. Companies are collecting alerts from different security tools. They are able to contextualize the warnings by focusing on the critical components of their business.
Despite the automation, companies in Australia and Singapore have decided not to scale back on improving their security to reduce issues in their troubled cloud security. A large number of skilled CISOs said that having highly qualified experts and talent retention are the essential segments for resolving issues of a data breach.
Singapore More Focused than Australia
Singapore has proven more focused than Australia when it comes to talent-based goals. According to the study by ServiceNow, 90% of companies in Singapore depend upon giving their employees’ skills. In Australia, 80% of CISOs believe in talent upskilling for improvement in cloud security.
When it comes to retention of talent, 92% of Singaporean respondents cited the importance of talent retention. Similarly, around 76% of the CISOs in Australia believe in talent retention. Having skilled employees with considerable knowledge for companies troubled with cloud security is an important factor.
Prioritizing Cloud Security Tasks
The most essential part of improving security in companies is prioritizing their cloud security tasks. The tasks must be prioritized by criticality of the business related information. The critical business information must have the highest priority. With sufficient threat intelligence, gathering security experts will be able to save important business data before another serious cyber-attack.
Cyber security experts have appreciated the efforts and benefits of security automation. They have warned that it needs careful management. It requires monitoring and proper governance to manage business risks effectively. For hackers, the cloud is like a goldmine. The cloud is the first thing black hat hackers attack when targeting an IT firm. A large number of hackers steal user data and corporate data, causing maximum damage. Significant steps must be taken to resolve data breaches in cloud security.
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