The new CipherCloud Q2 Global Cloud Security report was recently released and it highlights emerging trends in the way organizations store their data.
As organizations continue to see the benefit of hosting their data in the cloud, one of the biggest issues that organizations encounter revolves around data security compliance. The new CipherCloud report focuses on financial organizations that have begun hosting critical data in the cloud.
CipherCloud mentions in its report that total cloud spending will hit $282B by 2018. With this rapid rise in adoption of cloud, providers of cloud services are becoming prime targets for hackers looking to steal personal data. In CipherCloud’s study, the report notes that almost 100% of the financial organizations polled stored some sort of personally identifiable data within the cloud.
“As financial services adopt the cloud, strict compliance regulations and corporate policies push them to be early adopters of security technologies,” says Pravin Kothari, CEO of CipherCloud.
“At the same time, the influence of cloud has upped the ante for financial services firm CISOs and their teams. As these companies increase their cloud adoption, they are building data protection in the cloud with the help of innovative encryption and tokenization technologies. Both regulatory scrutiny and the pace of data breaches compel the increased protection of their sensitive information,” adds Kothari.
A few of key findings within the report are as follows:
- 4 of 10 financial organizations use tokenization for protecting their client’s sensitive data.
- 64% of businesses polled used searchable encryption methods for storing sensitive data in the cloud.
- Financial organizations find that special data requires structurization and preservation techniques that ensure the integrity of the format of the data.
- Financial organizations find that security and day to day business ops introduces complex decisions.
CipherCloud is known as one of the leaders in cloud security. To see the complete report that CipherCloud has published, visit CipherCloud’s homepage to gain more info.