Most enterprises have adopted the cloud in one way or another, and risk management within the cloud is a crucial business concern. As more businesses adopt policies allowing employees to work from home, cloud risks for CISOs and CIOs are becoming more significant. Misconfigured cloud servers continue to escalate the danger of data breaches. In fact, cloud hazards can cause data breaches if left unaddressed.
To undermine the confidentiality, integrity, or availability of the data being processed, stored, or communicated by those systems, malicious parties can use known and undisclosed vulnerabilities. Organizations must deal with various risks related to program management, investments, safety, and security. As a result, risk management must be completely incorporated into every facet of the business.
Governance, risk, and compliance or GRC is a structured method for coordinating IT with business objectives while controlling risks and adhering to all applicable statutory and regulatory requirements. It consists of methods and tools for integrating technological innovation through proactive governance and risk management.
GRC is used by businesses to reliably accomplish corporate objectives, eliminate ambiguity, and adhere to regulatory obligations. Cloud technology poses both opportunities and vulnerabilities to managing an organization’s GRC strategies.
Businesses can utilize GRC solutions, which are software programs, to manage policies, evaluate risk, restrict user access, and simplify compliance. GRC software is used by businesses to carry out the following tasks:
Partner with a managed IT service provider that understands how to handle cloud migrations and other functionality safely and securely.
In the context of cloud-based operations, GRC considerations include ensuring that sensitive data is properly secured in the cloud. This includes ensuring that an organization’s cloud provider meets relevant compliance requirements and that the organization has a plan in place for managing risks associated with cloud-based operations. Specific processes may include implementing security controls, regularly monitoring for threats and vulnerabilities, and having a current disaster recovery plan in place.
Organizations should be aware of the specific compliance requirements that apply to their industry, as well as the data stored within the cloud. As such, their cloud provider must meet these requirements.
Risk management in cloud computing involves identifying, assessing, and prioritizing potential risks associated with using cloud services, as well as implementing measures to mitigate and prevent those risks. Risk management activities include:
Risk management is a crucial process in cloud computing because it helps organizations protect their data and systems from potential security threats, data breaches and other types of incidents. While cloud computing brings many benefits, such as increased scalability and flexibility, it does introduce new risks, such as data loss, unauthorized access, and data breaches.
By identifying and assessing these risks through risk management, organizations can take the proper steps to mitigate or prevent them. As such, they can protect sensitive information and ensure business continuity. Finally, risk management helps organizations to comply with industry regulations and standards, such as HIPAA, PCI-DSS, and SOX, helping them avoid fines, legal penalties, and reputational damage.
While GRC and risk management are highly effective in mitigating risks associated with cloud-based computing, it’s crucial for organizations to have a thorough understanding of potential risks in order to mitigate and prevent them. The most common types of risk in cloud computing include:
Corporate governance, risk management procedures, and internal controls are all included in an efficient risk management process. It organizes managers, staff, outside suppliers, and other stakeholders to embrace taking risks as a means of development and opportunity. Here are some recommendations for managing cloud computing risk.
Developing reliable data classification and lifecycle management techniques is a crucial component of risk management. Your service-level agreements (SLAs) should also include procedures for protecting and even wiping data stored in public clouds.
GRC software can assist you in tracking and automating many of your risk management operations to ensure compliance with different frameworks.
You may evaluate and manage the risks facing your company using the GRC platform provided by Intertec International. Intertec International is an MSP experienced in cloud computing and creates a single source of truth by centralizing all documents, checklists, policies, procedures, and workflows.
With its sophisticated reporting features, you can visualize your risk profile using reports and dashboards that are simple to grasp. Better decision-making and improved teamwork are made possible by these characteristics.
If you’re interested in learning more about Intertec’s GRC solutions as a managed service provider, download our guide on Top Challenges in GRC and How the Right Partner Can Help You Solve Them.