Webinar Recap: Top 5 Tips for Protecting Cloud Data in 2024 and Beyond

The popularity of the cloud among organizations continues to grow. In 2023, about 95% of organizations worldwide leveraged at least one form of cloud computing service to run their business. It is estimated that over 60% of global corporate data was stored in the cloud in 2023. As more and more businesses migrate their mission-critical workloads to the cloud, cybercriminals are increasingly targeting cloud data. According to IBM’s Cost of a Data Breach Report 2023, 82% of data breaches occurred in cloud environments.

A report by Cybersecurity Ventures revealed that in 2023, cyberattacks occurred at a frequency of every 39 seconds, totaling over 2,200 incidents each day. The rise in cyberattacks in recent years has become a pressing concern for businesses of all sizes, with small and midsize businesses (SMBs) facing an unprecedented level of targeting.

Our recent webinar on cloud data security shed light on this pressing issue, emphasizing the critical need for SMBs to adopt robust cybersecurity measures. Here, we recap the key highlights and insights shared during the event, including the top five tips for protecting cloud data in 2024 and beyond.

Cyberattacks: A growing threat to SMBs

The webinar began with a stark warning — cyberattacks are on the rise, and SMBs are being targeted more heavily than ever. According to a recent report by the Identity Theft Resource Center, over 70% of small businesses have experienced a data breach incident in the past year.

This increase in attacks can be attributed to the perception that SMBs are “easier targets” due to limited resources and cybersecurity measures compared to larger enterprises. According to the OpenText Cybersecurity 2023 Global Ransomware survey, over 45% of SMBs have suffered a ransomware attack. The report also revealed that 65% of SMBs think they are not or are not sure if they are ransomware targets.

All environments are at risk, but…

The State of SaaS Ransomware Attack Preparedness report by Odaseva found that all data, regardless of where it is stored — endpoints, public clouds, on-premises or SaaS applications, is at risk. However, the probability of a ransomware attack succeeding in SaaS environments is higher compared to other environments, with over 50% of ransomware attacks on SaaS apps being successfully executed.

Popular cyberattack tactics

Malware, such as ransomware, tops the chart when it comes to cyberattacks. However, there are other cyberattack techniques you should be aware of to tackle cyber-risks effectively.

Phishing

Phishing is one of the most popular methods cybercriminals use to distribute malware. It is estimated that between 80% and 95% of cyberattacks begin with a phishing email.

During the webinar, our experts also pointed out how threat actors are leveraging artificial intelligence to enhance their phishing campaigns further.

To understand how cybercriminals use AI, the IBM X-Force team conducted research, and the results were astonishing. With only five simple prompts, the IBM X-Force’s research team was able to trick a generative AI model into developing highly convincing phishing emails in under five minutes. As per the research, the perpetrators could potentially save nearly two days of work by harnessing the power of AI. The research also highlighted that not only are threat actors getting better at crafting the messages, but they are also getting better at evading security measures, such as email security tools that prevent phishing emails from reaching your inboxes. AI-powered cyberattacks also drastically reduce the time to create and deploy these campaigns.

Brand impersonation

Brand impersonation is another popular and effective cyberattack method where attackers masquerade as reputable companies to deceive individuals into divulging sensitive information or to spread malware. This technique leverages the trust and recognition established by well-known brands to create a false appearance of legitimacy for malicious activities. Typically, attackers use phishing emails, fake websites or fraudulent social media accounts that closely mimic the branding, style and communication methods of legitimate entities. Microsoft was the most impersonated brand in 2023.

The danger of brand impersonation lies in its ability to bypass initial skepticism. Users are more likely to interact with communications they believe to be from trusted sources, making them susceptible to sharing personal details, login credentials or financial information.

A simplified approach to cybersecurity

A key takeaway from our webinar is the demystification of cybersecurity strategies. Many businesses, particularly SMBs, operate under the misconception that effective cybersecurity requires substantial investment and intricate frameworks. However, the essence of robust security lies in understanding the fundamentals and applying them consistently and effectively.

Leveraging the NIST Cybersecurity Framework

A centerpiece of our discussion was the National Institute of Standards and Technology (NIST) Cybersecurity Framework, a structured guide designed to help organizations bolster their cyber defenses. This framework is built around five core functions or strategies to manage and mitigate cybersecurity risks effectively: Identify, Protect, Detect, Respond and Recover. Let’s delve into each of these:

Tip 1: Identify

Recognizing the critical assets and systems that could be potential targets is the first step. This involves mapping out your organization’s resources and understanding the risks associated with them.

Tip 2: Protect

This step focuses on implementing preventative controls to guard against cyberthreats. Protection strategies can range from securing physical and digital access to data encryption and employee training.

Tip 3: Detect

An effective cybersecurity posture requires mechanisms to quickly identify potential security incidents. This involves continuous monitoring of your systems and networks for anomalous activities that could indicate a security breach.

Tip 4: Respond

When a security incident is detected, having a predefined response plan is crucial. This plan should detail the steps to contain the incident, mitigate its impacts and communicate with stakeholders.

Tip 5: Recover

Post-incident recovery involves restoring any services or data affected by the breach and learning from the event to improve your organization’s security posture and bolster future resilience.

Why backups matter

Integral to the “Protect” and “Recover” phases of the NIST framework, a robust backup solution is your safety net. In the face of ransomware or data loss incidents, having up-to-date backups ensures you can restore critical data and maintain business continuity without paying ransoms or suffering extensive downtime.

How Backupify protects your business in the event of an attack or a data loss incident

Whether you are dealing with ransomware, app issues, end-user error or admin mistakes, Backupify for Google Workspace and Microsoft 365 helps you quickly find what you need and restore it with just a few clicks — without overwriting existing data. Our cloud-to-cloud backup and recovery solutions help you effortlessly recover information that has been deleted accidentally or maliciously or encrypted as a result of a ransomware attack.

With the granular restore functionality, you can focus on the critical items you need to recover or export right down to the specific file or email. You can restore them to the original user or others within your organization. In the event of a cyberattack, the “Snapshot” feature enables you to effortlessly revert user data to a state before the attack occurred, utilizing three daily, point-in-time backups.

Backupify ensures your critical SaaS data is securely backed up and available whenever you need it.

Watch the on-demand webinar to learn more. Additionally, request a FREE demo to discover how Backupify enhances your organization’s cloud data security.