Safeguarding Digital Assets: Essentials of Cloud & Cyber Security

A digital asset is anything created and stored digitally that has some value. It is identifiable and discoverable. As the world has shifted to global digitisation, digital assets have become more popular and valuable. Data, images, written content, and videos have ownership rights and are considered digital assets. Other examples include a company’s brand, cryptocurrencies, and NFTs (non-fungible tokens).

Safeguarding these digital assets from cyber thefts has become of utmost importance. It can cause huge losses to an organisation. This is where cloud & cyber security systems come into action.

Understanding Cyber Security in Cloud Computing

To safeguard digital assets, employing strong cyber security in cloud computing environment is a must. Let’s learn more about cloud & cyber security systems.

Cloud Security

Organisations require cloud security as they grow in the digital world. Cloud data security is the process of securing a business from internal and external threats. Companies nowadays incorporate cloud-based tools and services as a part of their infrastructure. Most of the important data is stored on the cloud.

As organisations embrace new technology, many internal and external factors threaten the valuable information stored on the cloud. Cloud security plays an important role in securing the cloud-based environment of an organisation.

Cyber Security

This is a technology designed to prevent cyberattacks. Cybersecurity protects an organisation’s system, computing devices, and sensitive data from computer viruses, ransomware attacks, and malware.

Cyberattacks can destroy businesses overnight. 40% of organisations who paid after a ransomware attack spent at least $1 million in 2023. By one estimate, cybercrime will cost the world economy $10.5 trillion per year by 2025. These stats are evident to mark the importance of cybersecurity.

A secure cloud environment is essential to ensure the best cyber security and vice versa. Businesses should recognise the power of both and implement strategies for better security. From data breaches to phishing attacks, acknowledging the importance of cloud computing and cyber security is imperative in the B2B realm to safeguard digital assets.

Essentials of Cloud & Cyber Security

• Trusted Cloud Service Provider

Choose a reliable cloud service provider for enhanced cloud data security. Employ providers who have a proven track record in security measures and compliance. Before investing, review their data protection protocols, encryption practices, and customer service.

• Up-to-Date Software

Keep all your software up to date. This includes your security software. Regular updates help to provide maximum security from new viruses. It offers a trusted solution for the latest cyber threats and decreases vulnerabilities. Ignoring updates can cause major consequences to the business and can expose the organisation to risks.

• Develop a Disaster Recovery Plan

Your system can still be vulnerable after all your attempts. Developing an efficient disaster recovery plan will help in such situations. It can help your business recover from both cyberattacks and disruptions in cloud services. A robust plan will ensure faster and more efficient recovery from threats and minimise downtime.

• Backup Your Data

Some organisations outsource their work from an offsite location. A regular backup of data from such locations should be taken. Backing up the data will ensure information availability in case of security failure. Businesses can opt for automatic data backup solutions for regular backups.

• Divide the Network into Segments

Enabling network segmentation will restrict the access of unauthorised personnel. Only those with authorisation can log in to certain networks. By dividing the network into segments, you can be assured that the details of specific networks are with designated employees. This will ensure minimum to no security breach.

• Use Data Encryption

Data flows from one place to another within organisations. Data encryption is the best way to ensure data transit is secure. This is necessary to maintain compliance with data protection regulations. Choose a reliable vendor that provides standard encryption algorithms. Use the strongest encryption for sensitive data.

• Conduct Cloud & Cyber Security Awareness Training

Several cyberattacks occur due to users being oblivious. Sending malicious links in emails or social media messages is a common practice. Making the users aware of these threats and educating them about spam or phishing emails can make a difference. Conduct cloud data security awareness training programmes to stop employees from falling prey to such cyberattacks. Proper vigilance reduces the risks of attacks and saves your business from losses. Training also helps employees combat the attacks when required.

Tips for Safeguarding Your Digital Assets

Here are tools and tips created for safeguarding your digital assets.

• Hardware Wallets

Hardware wallets are your hard drive or other storage devices. Digital assets such as your cryptocurrencies can be protected by transferring them to an offline and secure hard drive. They are also termed ‘cold storage’. Since wallets can only be accessed offline by connecting them to a computer, there is no chance to hack them online. The wallets can be protected with a password and are the safest way to store your digital assets.

• Air-Gapped Systems

Air-gapped devices are like hardware wallets. They do not have any network connections. Air-gapped devices need to be physically plugged in to access or transfer the data. Computers without network connections are perfect examples of air-gapped devices. They can be beneficial for corporate security. A few air-gapped devices can enable an organisation to transfer the data into them and allow access to only recognised personnel.

• Using Multi-Factor Authentication

Multi-factor authentication (MFA), also known as 2-factor authentication (2FA), is the best security step for your accounts and assets. MFA requires different forms of identity proof to allow access to your online accounts, crypto wallets, etc. For example, you may require a password and an answer to a security question to access your account. This keeps the wallets or accounts safe from theft.

• Update Your Passwords

Having a password is not enough to protect your digital assets. You must update them regularly. Another thing to keep in mind is not to use the same password on multiple accounts.

The password should be sufficiently long with special characters and numbers to be considered a strong password. It should not contain any personal elements, such as your name or your phone number, that the hacker can research.

• Learn to Avoid Phishing Attempts

Phishing is an attempt to get key information from a user. It involves a criminal who pretends to be a reputable source and contacts you to get information like one-time passwords or encryption keys. You need to be aware of phishing scams to avoid them.

The most common phishing scam is done via email. In such cases, you’ll receive an email requesting a response from someone you don’t know. Don’t open the email and delete it immediately to avoid getting conned. It is the best way to prevent viruses from your computer or phone.

• Use SSL Certificates

Using SSL (secure sockets layer) certificates adds to the advantage of providing cyber security. It encrypts the cyber traffic going to and from your website. This makes it difficult for the hackers to get information from you or your visitors. SSL certificates are essential to attract visitors who are your potential customers. Visitors will avoid coming to your website if they do not see an SSL padlock.

• Use Premium DNS Services

Your digital assets may be compromised if you do not use secure DNS hosting. Domain Name System (DNS) transforms a domain name into an IP (internet protocol) address and back. Using a premium DNS service will enable you to cut the risk of threats on your domain.

Conclusion

Cloud & cyber security are essential to safeguard digital assets in the digitised environment. Implement the practices mentioned above to ensure efficient cyber security in a cloud computing environment. Always update your software and passwords. Use hardware wallets and air-gapped devices to secure your digital assets offline. Keep a backup of your data and use data encryption. Always be ready with a disaster recovery plan.

Enterprises like Growth Jockey play a vital role in providing a one-stop solution regarding cyber security. Growth Jockey deals with intricate cloud infrastructure and provides solutions to the challenges organisations face. As a cloud security service provider, we offer many services to fortify your digital assets.

FAQs

1. Why do we need cyber security in a cloud computing environment?

Since cloud computing applications are more vulnerable to cyberattacks, cyber security in cloud computing is of utmost importance. It also helps to tackle the dynamic nature of cloud computing.

2. Is cloud computing more secure than traditional on-premises computing?

Cloud computing is more secure than traditional computing when a proper cybersecurity system is implemented. Cloud computing and cyber security go hand in hand. Since more attacks are caused by phishing emails, cloud segmentation has an advantage over traditional on-premises computing.

3. What are cloud security risks?

Cloud security risks are threats that can compromise the security of the cloud environment. These risks can be unauthorised access, data breaches, DDoS (distributed denial-of-service) attacks, etc.