Security News > 2021 > April > Financial organizations struggling to secure data in the cloud

In 2020, the most common incidents that financial organizations suffered regarding data in the cloud were phishing attacks, targeted attacks on cloud infrastructure and ransomware, Netwrix reveals.

The report also revealed that 59% of financial orgs consider understaffed IT and security teams to be the major reason they struggle to secure data in the cloud.

Other key findings 53% of financial organizations store customer data in the cloud, and 35% store financial data there.

Targeted attacks on cloud infrastructure took the longest to detect and resolve - 41% of financial organizations needed days or weeks to discover the incident, and 38% spent days or weeks on response.

70% of respondents audit user activity in the cloud in order to mitigate data security risks.

"Cloud technologies enable organizations to remain competitive and offer innovative services to their clients. To leverage the cloud in a secure and compliant manner, financial organizations should invest in automated security tools such as data discovery and classification, and provide training to ensure their security pros can adapt to the rapidly changing cyber landscape," said Ilia Sotnikov, VP of Product Management at Netwrix.

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