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Compromised Cloud Accounts Lose Businesses $6.2 Million on Average

Compromised Cloud Accounts Lose Businesses $6.2 Million on Average

Compromised Cloud Accounts Lose Businesses $6.2 Million on Average

According to a report recently released by Ponemon Institute and Proofpoint, compromised cloud accounts lose businesses $6.2 million a year on average. This information comes from the Cost of Cloud Compromise and Shadow IT report, based on a survey of 662 IT and security professionals across the United States. The report reveals how much organizations are losing each year by not properly securing their cloud environments.

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Ponemon and Proofpoint found that compromised cloud accounts bring a $6.2 million loss on average to businesses every year. This accounted for 3.5 percent of the total revenue of companies in the past 12 months. Respondents also revealed that in a year’s time, their business experienced about 138 hours of application downtime.

Three-quarters of respondents claim that the use of cloud apps and services without the approval of IT is a serious security risk. The study found that 67 percent of cloud services across all enterprises are deployed by an entity other than corporate IT. As software-as-a-service continues to grow in popularity (38 percent say it will be essential within the next two years), this issue must be addressed to prevent further issues.

In the company’s press release on the report, Proofpoint’s Vice President of Product Market Tim Choi stated: “SaaS security simply cannot be an afterthought given the high cost of cloud account compromise and today’s heightened hybrid working environment. The move to the cloud and increased collaboration requires a people-centric security strategy backed by a cloud access security broker (CASB) solution that is integrated with a larger cloud, email, and endpoint security portfolio. Such an approach effectively addresses concerns like cloud account compromise, unauthorized access to cloud data, and cloud application governance. Organizations need clearly defined roles, established accountability, and a CASB solution that can be operationalized in hours—not weeks.”

Download your copy of the Cost of Cloud Compromise and Shadow IT report here.

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