In 2023, cloud security and migration will be two of the most important issues facing businesses. While many companies have already migrated to the cloud, many are still wondering how to do so safely in the new year. This article will discuss some of the concerns businesses will face in the coming year and three trends we expect to see in the future of cloud migration.
Due to the current labor market and shortage of tech talent, cybercriminals are preying on organizations that don't have access to experienced cybersecurity professionals. With many businesses relying on cloud computing for their critical data and operations, it's no surprise that the demand for secure cloud migration solutions is growing exponentially. In 2021 alone, global investments in cloud security technology have grown to over $7 billion, a figure that is expected to surge even higher in 2023 as more organizations seek out advanced protection solutions.
As the labor market and tech talent shortage continue to expand, businesses are finding it especially cost-effective to turn to managed providers for cloud migration. The lack of in-house experience and expertise has left many organizations vulnerable to security threats, but managed providers offer enhanced cloud security solutions that can help protect company data and operations. Through these services, businesses can benefit from robust security features designed to keep sensitive information safe and prevent malicious actors from accessing it.
Cloud migration is quickly becoming an essential tool for businesses needing enhanced security solutions, and 2023 looks to be a particularly important year for cloud migration as organizations look to ramp up their security measures. But why are companies investing in advanced protection solutions now? The short answer – ransomware is on the rise.
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It is expected that there will be a significant increase in cyber attacks by 2023 due to the growing trend of ransomware. Most of these estimates are based on a quick look at the trajectory we’re already on currently. Between 2019 and 2020, ransomware attacks rose by 158% in North America alone. Further, the collective cost of the ransomware attacks reported in 2020 amounted to approximately $29.1 million, an increase of 200% from just $8.9 million the year before.
The reason for the sudden influx of cyberattacks in 2020 is certainly tied to the Covid-19 pandemic. As many companies turned to remote work to keep employees safe, cybercriminals extorted the gaps left in cyber security due to the quick move. But the largest reason for the continued increase could be chalked up to the continued payout. More companies are choosing to pay the ransom to get their data back, certainly feeling like they have few options. But cyber criminals are taking note.
Whatever the reason, as ransomware becomes more popular, businesses are increasingly at risk of cyber criminals holding their data hostage until a ransom is paid. Even then, you’re operating with criminals, so a safe return isn’t always guaranteed.
In May 2021, a ransomware attack on Colonial Pipeline left the organization stalling its operations, prompting consumers to flood gas stations amid fears of a gas shortage. The company paid the hackers upwards of $5 million, yet only about half of their data was recovered.
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As a way to better protect their data from ransomware, IT leaders are focused on cloud migration. Cloud migration has been gaining traction since 2019, but it is expected to become even more popular in 2023 as businesses continue to grow wary of the risks posed by ransomware attacks.
Ransomware is increasing the urgency for businesses to consider cloud migration as a way to protect their data. By migrating your data to the cloud, proper configuration and monitoring help provide organizations with enhanced security measures and improved scalability, allowing them to reduce the impact of any cyber attack they may face.
Protect your data and prepare for whatever 2023 throws at you. Schedule a free consultation with the experts at Opti9 today.