Cloud vulnerabilities and threats

As companies keep increasing their usage of cloud services, the risks of cloud computing vulnerabilities also increase. Cloud computing services have become a go-to solution for data storage, business operations, and team collaborations. And why not? They are cost-effective, flexible, and boost productivity. However, it is not always smooth sailing. They too have their fair share of security risks.  A study by IBM shows that cloud data breaches cost companies $4.8 million on average to recover. This comes when 65% of organizations are defaulting to cloud-based services. So, if your business uses cloud computing services or even offers cloud services, you must be aware of the lingering threats. This blog lists the top vulnerabilities in cloud computing, what is their impact, and best practices to address them. Remember, proactive prevention is always better than required remediation. Definition of Cloud Computing Cloud computing refers to services that are provided over the internet (in this case, “the cloud”) such as servers, storage, networking, analytics, software, and intelligence. It is a cost-effective way where typically pay for the service you want to use. Most companies use cloud computing for data storage and business operations. Instead of storing files on a device or hard drive, you can save them on the cloud, which you can access from anywhere, as long as you have access to the Internet. Based on the deployment model, the cloud can be classified as a public, private, and hybrid cloud. Cloud computing is broadly divided into 3 types:   Software-as-a-Service (SaaS) Platform-as-a-Service (PaaS) Infrastructure-as-a-Service (IaaS) Cloud computing has revolutionized business operations and eliminated storage issues. It will continue to expand to make the services more convenient. However, business owners should stay updated with the evolving vulnerabilities of cloud computation so that they do not face any cyberattacks. What are Cloud Computing Vulnerabilities? Cloud computing vulnerabilities are security gaps or weaknesses in a cloud computing environment that hackers/attackers can exploit to gain unauthorized access, steal sensitive data, and interrupt services.   These vulnerabilities can be present anywhere in the cloud environment, including applications, infrastructure, data storage, and communication pathways. These vulnerabilities could be due to bugs in the software, outdated security patches, insecure access controls, lack of encryption, etc. Identifying and promptly addressing these vulnerabilities is key to a secure cloud environment.   The Impact of Cloud Vulnerabilities on Businesses The impacts of cloud vulnerabilities include unauthorized access, data breaches, and cyberattacks. Additionally, these vulnerabilities endanger system integrity, privacy, and the overall security posture of the cloud environment. Here is a brief description of their impact: Data Loss: Sensitive information, such as customer data and financial records can be stolen or lost due to unfixed cloud vulnerabilities. Financial Loss: It can be expensive to recover from data breaches. Additional costs include legal fees, fines, compensation to affected customers, and investments in new security measures. Additionally, sales might go down due to a loss of customer trust. Compliance Issues: If cloud vulnerabilities are exploited, then it can lead to violation of data protection laws such as GDPR or HIPAA. This may result in legal penalties and fines. Reputation Damage: If there’s a security breach due to vulnerabilities, the news can spread quickly, resulting in broken customer trust and reputational damage. Rebuilding the trust can be a long and challenging process. Loss of Intellectual Property: Critical business information such as product designs and trade secrets can be stolen by exploiting cloud vulnerabilities. Operational Disruptions: Security incidents can interrupt business operations in the cloud. As a result, it can decrease productivity, delay projects, and affect the overall efficiency of the business. Additionally, it can lead to revenue loss.  List of Top 10 Cloud Computing Vulnerabilities Cloud computing is going to integrate AI in most of its services in the coming years. This means new and unique cloud computing vulnerabilities are going to emerge in the future. Companies face a wide range of risks with the cloud. However, the majority of breaches occur from these 10 vulnerabilities:   1. Misconfigurations As per the National Security Agency (NSA), cloud misconfiguration is probably the most common vulnerability faced by organizations. Cloud misconfigurations refer to incorrect security settings in cloud applications and systems that expose them to various security risks. Misconfigurations can happen in many cloud components, including storage, networking, and access management. These misconfigurations can reveal sensitive data, lead to unauthorized access, increase the attack surface, and pose many other risks.   Common cloud misconfigurations include: Open Ports: Open ports allow web traffic into the environment without any restrictions. As a result, it may lead to exploitation by hackers. Insecure Storage: If you don’t have proper data security measures such as publicly accessible buckets or containers, it can impact data integrity. Disabled Logging and Monitoring: If the logging and monitoring systems are disabled, it can create security gaps and delay in incident detection. Excessive Accessibility: Without inadequate access controls, cloud data can be exposed to unauthorized users and hackers. Improper Secret Management: Usually, secrets include digital credentials like encryption keys, API keys, passwords, etc. Without proper configuration, these crucial elements can be compromised. 2. Insecure APIs In December 2021, a security breach in Twitter API exposed the personal data of 5.4 million users. In addition, a section of this data was sold on the dark web and the rest was released for free. Cloud computing relies heavily on application programming interfaces (APIs) for better functioning of the services. However, third-party APIs often lack proper security measures during their design, configuration, and implementation. These weaknesses can lead to injection attacks (SQL injection and XSS), data exposure, and privilege escalation. There are many API security issues, such as: Weak authorization and authentication controls Outdated API versions Missing endpoint security Improper error handling 3. Lack of visibility In cloud computing, lack of visibility means that the organization struggles to monitor and track activities within the cloud environment. This includes: Not knowing which users are accessing data Which data is being acceded Where the data is stored or moved Without