KPMG and Oracle release latest Cloud threat report.
Data security is creating fear and trust issues for IT professionals, according to the third-annual Oracle and KPMG Cloud Threat Report 2020. The study of 750 cybersecurity and IT professionals across the globe found that a patchwork approach to data security, misconfigured services and confusion around new cloud security models has created a crisis of confidence that will only be fixed by organisations making security part of the culture of their business.
Demonstrating the fear and trust issues experienced by IT professionals, the study found:
- IT professionals are more concerned about the security of their company’s data than the security of their own home.
- IT professionals are three times more concerned about the security of company financials and intellectual property than their home security.
- IT professionals have concerns about cloud service providers — 80 percent are concerned that cloud service providers they do business with will become competitors in their core markets.
- 75 percent of IT professionals view the public cloud as more secure than their own data centres, yet 92 percent of IT professionals do not trust their organisation is well prepared to secure public cloud services.
- Nearly 80 percent of IT professionals say that recent data breaches experienced by other businesses have increased their organisation’s focus on securing data moving forward.
The report shows IT professionals are using a patchwork of different cybersecurity products to try and address data security concerns but face an uphill battle as these systems are seldom configured correctly.
- 78 percent of organisations use more than 50 discrete cybersecurity products to address security issues — 37 per cent use more than 100 cybersecurity products.
- Organisations who discovered misconfigured cloud services experienced 10 or more data loss incidents in the last year.
- 59 percent of organisations shared that employees with privileged cloud accounts have had those credentials compromised by a spear phishing attack.
- The most common types of misconfigurations are:
- Over-privileged accounts (37 per cent)
- Exposed web servers and other types of server workloads (35 per cent)
- Lack of multi-factor authentication for access to key services (33 per cent)
Tony Buffomante global co-Leader and US Leader of KPMG LLP’s Cyber Security Services said, in the current challenging environment companies have accelerated the movement of workloads, and associated sensitive data, to the cloud to support a new way of working, and to help optimise cost models.
“This is exposing existing vulnerabilities and creating new risks,” he said “To be able to manage that increased threat level in this new reality, it is essential that CISOs build security into the design of cloud migration and implementation strategies, staying in regular communication with the business.”
This confusion has left IT security teams scrambling to address a growing threat landscape.
- Nearly 90 percent of companies are using software-as-a-service (SaaS)
- 76 per cent are using infrastructure-as-a-service today (IaaS)
- 50 per cent expect to move all their data to the cloud in the next two years.
- Shared responsibility security models are causing confusion — only eight per cent of IT security executives state that they fully understand the shared responsibility security model.
- 70 per cent of IT professionals think too many specialised tools are required to secure their public cloud footprint.
- 75 per cent of IT professionals have experienced data loss from a cloud service more than once.
Steve Daheb senior vice president at Oracle Cloud said organisations are moving more business-critical workloads to the cloud than ever before, but growing cloud consumption has created new blind spots as IT teams and cloud service providers work to understand their individual responsibilities in securing data.
“The lift-and-shift of critical information to the cloud over the last couple of years has shown great promise, but the patchwork of security tools and processes has led to a steady cadence of costly misconfigurations and data leaks. Positive progress is being made,” he said. Adopting tools that leverage intelligent automation to help close the skills gap are on the IT spend roadmap for the immediate future and the C-level is methodically unifying the different lines of business with a security-first culture in mind.”
The report states to address increasing data security concerns and trust issues, cloud service providers and IT teams need to work together to build a security-first culture.
This includes hiring, training, and retaining skilled IT security professionals, and constantly improving processes and technologies to help mitigate threats in an increasingly expanding digital world.
- 69 percent of organisations report their CISO reactively responds and gets involved in public cloud projects only after a cybersecurity incident has occurred.
- 73 percent of organisations have or plan to hire a CISO with more cloud security skills; over half of organisations (53 percent) have added a brand new role called the Business Information Security Officer (BISO) to collaborate with the CISO and help integrate security culture into the business.
- 88 percent of IT professionals feel that within the next three years, most of their cloud will use intelligent and automated patching and updating to improve security.
- 87 percent of IT professionals see AI/ML capabilities as a “must-have” for new security purchases to better protect against things like fraud, malware and misconfigurations.