People nowadays, try to relive the time of using CDs, floppy disks, and disc drives to save files. As those times were quite inconvenient for businesses. Processes were quite long and full of human error. People still depend on paperwork for most of the things, and everything took a way longer than today.
New way of Business Functioning
That time data gets corrupted, lost, and stolen easily and many businesses were unsuccessful in regaining it as they couldn’t figure a way out of this issue. Fortunately, times have changed now; and businesses have become faster, better, and more effective. The cloud has changed the way businesses are being run, and 2020 especially was eye-opening for most of the companies. They have realized that cloud service is the best move to thrive in the era of digital transformation.
Cloud computing services are no longer considered as “the next big thing”. They’re already here and have become quite mainstream.
Startling stats about Cloud Computing
Gartner states that an 18.4% growth is expected in cloud computing. As the expenses on the worldwide public end-user cloud spending are going to touch $304.9 billion. Something even more amazing is that a record increase of up to 14.2% of worldwide enterprise IT expenses is there in the following three years.
The cloud business process services, application, and application infrastructure services are the most lucrative sub-sectors currently. Last year was a challenge for many businesses that forced them to search for remote collaboration and working. All of this was done when the reduction of budgets and spiking increase of cybercrime was being discussed.
Cloud computing services today provide businesses a new way to tackle all these concerns, and the feedback is highly positive. Recent data shows 70% of companies have increased their budget this year that used these services in 2020 and around 95% of workloads in 2021 will be generated by data centers.
What is ‘Cloud Computing’?
It is a broad term for a virtual information mechanism computing system. In this, professionals and companies work with many apps and data saved which is kept on shared systems in a web-based setup instead of housing physically in a user’s location. Gmail is a prominent example of cloud, however, that is just a single module. You will find three different cloud service modules that have been used in four different kinds of settings (public, private, hybrid, and community clouds).
Benefits of Cloud Computing
This system is a flexible and scalable online system. Using it you can manage a large volume of work without compromising the performance of the system. It also provides decent computing capabilities and a range of scale that wouldn’t have been possible otherwise. Especially for startups and MSMEs, without any investment in IT infrastructure.
Cloud computing also is known for:
- Affordable Lower Costs: Businesses can offer many services using larger computing systems of cloud service vendors. After that, they would minutely include or reduce IT potential to match the competition’s wavering service demands. In which, you just have to pay for the real use of the system.
- Reduced Operating Cost: Companies can rent server space for a limited time to maintain proprietary servers. This would also reduce their worry about scaling their systems to upgrade with the newer version. They can also host their virtual resources in different low costing locations.
- Installation and Maintenance: You do not have to install any hardware or software to have a cloud system on the premises.
- Optimized IT systems: It offers fast and easy access to computing solutions.
Cloud Computing Threats
- Secure Environment: The best part of computing environment and users together in a cloud system also brings with it some cloud security threats. Due to their volume and importance, it is usually targeted by virtual systems. Like malware, cyber-attacks, and many other threats. You must know from your vendor about access controls, vulnerability assessment standards, and also about patch and configuration systems. Do this to check that they are sufficiently protecting your information.
- Data Accessibility and Business Compliance: The loss or drop of speedy broadband connectivity is quite a major threat to business functioning in the cloud computing system. To ensure internet connectivity, get updates from your vendor on what commands are in place. If a breach is detected, you might have to limit all access to the vendor until it is solved. At last, the captivation of a server by law enforcement bodies might lead to the intervention of irrelevant services rented on the same system.
- Data Security: Hosting confidential information with the vendors means offering the control of your business data security to them. Make sure your vendor maintains your company’s data security. Check if your vendor knows the seriousness of your information and follow security guidelines that apply to your company. These may include the Payment Card Industry Data Security Standard (DCI DSS), HIPAA, the Federal Information Security Management Act of 2002, or even the privacy of the Gramm-Leach-Bliley Act.
- Disaster Recovery: Keeping data at an online server makes it more important for the vendor to have an accurate disaster recovery plan in place. Identify your vendor’s disaster recovery abilities and know from them if it is well tested yet or not.
- Record Retention Needs: Just check with your vendor what are the record retention needs, if your business deals in it.
Analyzing your options
Many cloud options are available today. Each with its own set of pros and cons. As you know your preferences and risks, take into account the following:
Many internal audit systems are having control reviews of vendors, apart from getting and evaluating g third-party audit reports. It is based on some specific controls not being evaluated, leaving related systems or other possible factors requiring on-site evaluation.
Often vendors are not eager to develop third-party audit reports so long you do not include any clause in this regard. You may often need to pay for such reports.
Basic audit reports do not contain vulnerability testing reports. Providers are not very comfortable with scanning, as they are afraid it may compromise their system.
Cloud computing is the most promising technology today for easy and fast functioning and a data storage system. It does have its own pros and cons but it‘s always the benefits that matter for a business. The associated risks are always there and experts are there to resolve them. Better to implement the right cloud system for your business functioning considering the requirements at the earliest to get the most out of this technology. Here are some cloud server providers, Heroku, Google Cloud, AWS, Rackspace, Digital Ocean.
All product and company names are trademarks™, registered® or copyright© trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.