Cloud-based solutions have become an important part of IT for organizations as they ditch traditional server rooms for virtualized IT infrastructure. But many companies still need the security that comes with an on-site data center. Now, they’re looking at hybrid cloud technologies seeking to maximize the benefits of both the public and private cloud.
Gartner reports that global spending on cloud IT infrastructure is expected to reach $104 billion by 2024. This comes as more and more organizations leverage the benefits of the cloud including optimized IT costs, increased security, and reliability. In fact, over the last decade, many businesses have moved from physical on-site data centers to virtualized data center solutions as server virtualization has become an industry-standard practice.
Virtualization is a technology that creates abstract versions of physical resources traditionally bound to physical hardware. Resources can include desktop environments, servers, operating systems, storage, and networks. Virtualized environments are simple to manage and are a cost-effective way for small and medium-sized businesses to expand their IT infrastructure.
Infrastructure as a Service (IaaS) is a cloud-based service that delivers processing power, storage, and network infrastructure to businesses on an as-needed basis. It is a scalable alternative to a traditional data center that allows businesses to avoid the cost of provisioning and maintaining their own physical IT infrastructure.
Cloud computing is the delivery of business tools and applications such as databases, software, and servers, among others, across the internet. These tools and applications are hosted remotely in data centers located in sites far removed from where the businesses are located and are delivered to end-user devices when needed. As businesses increasingly appreciate the cost savings, easy scalability as well as work flexibility offered by cloud computing, there has been a significant increase in its adoption over the past several years. Up from $196 billion in 2018, the worldwide market for cloud-based services is projected to increase to $354 billion by 2022, with over 60% of businesses using the cloud in one form or another.
With the pandemic dictating business decisions and forcing companies everywhere to operate remotely, times are stressful and uncertain. Mobile workforce is inevitable for most businesses, which means organizations need to consider how they will maintain network security, provide easy access to essential information, and ensure their employees are properly equipped to work from home. In virtual times like these, the cloud is the saving grace for many businesses. Here are three cloud computing solutions for pandemic planning.
For businesses that want to build or expand their digital infrastructure in order to boost their customer appeal, one of the major considerations that should be addressed is cybersecurity. As businesses expand their digital presence and online activities, more data is transmitted and stored digitally; customers share their private information online while businesses store and transmit their proprietary information across their networks. As a result, cybercriminals and other malicious characters have stepped up their attempts to compromise private networks and use the data for nefarious reasons.
Cloud adoption by financial institutions has been on the rise. According to PwC, by 2020 core financial services like credit scoring, statements management, payments, and billing will use the cloud for processing and computing. From retail banking to collection agencies to asset management and investment banking, the cloud provides many use cases to bring scalability, cost savings and higher security to financial institutions.
The largest financial institutions have already adopted cloud technology. But it’s not just the J.P. Morgan’s or Bank of America’s of the world. Smaller financial institutions are finding the same benefits in cloud computing and cybersecurity practices that enterprises are leveraging. Here are 7 reasons financial institutions need cloud computing and cybersecurity.
1. Cost Savings
Financial institutions are leveraging the cloud to move IT operations to an operating expense model (OpEx). IT hardware and underlying infrastructure is expensive, and financial institutions are concerned about the rising costs associated with running data centers. Additionally, on-premise data centers are difficult to scale, and any growth requires large capital expenditures. Instead, hybrid cloud strategies allow banks and collection agencies to safeguard mission-critical data in the cloud without the high cost and maintenance that typical on-premise centers come with.
In today’s digitized world, cyberattacks are inevitable if businesses aren’t proactive in their protection. Regardless of business size, it’s only a matter of time before organizations become victims due to the absence of cloud computing and security solutions. In fact, 81% of cyberattacks affect small to medium-sized businesses, simply because they lack cloud knowledge.
Topics: Cloud Computing, Backup, Cloud Security, Cloud Storage, healthcare, Cybersecurity, SIEM, Intrusion Detection and Prevention, Office 365 Backup, Cloud Solutions, Identity Management, Security as a Service
Over the past several years, there has been a significant rise in the number as well as the severity of cyberattacks that have taken place. As businesses increasingly conduct their transactions online, cybercriminals, as well as other malicious actors accordingly, invest their time and resources to compromise business networks and access private data for their nefarious purposes. A single data breach costs a business an average of $3.92 million; this is a 1.5 percent increase from 2018.