Interscale Content Hub – The cloud isn’t a risk-free zone, and that’s where the importance of a cloud computing risk assessment comes in.
A cloud computing risk assessment is basically about looking at the potential threats to cloud infrastructure, applications and data.
The main goal is to make sure we have the right security measures in place to protect against cloud threats.
What is Cloud Computing Risk Assessment?
A cloud computing risk assessment is a way of identifying, analysing and evaluating potential risks.
According to “A Risk Assessment Framework for Cloud Computing,” by Karim Djemame et al., risk assessment in cloud computing looks at different stages of the service lifecycle, including service deployment and operation.
It also uses risk models that are designed to evaluate and mitigate risks effectively.
It’s like a health check for your cloud infrastructure, looking at everything from your data and applications to the processes that support your operations.
So, what’s the end goal here?
To find weaknesses and threats and then devise ways to deal with them so that you can be sure that your important cloud-based assets are safe.
It’s vital to assess the risks involved in cloud computing because there are always unknowns regarding the quality and performance of cloud services.
If companies don’t manage the risks involved, they might be reluctant to use cloud services, worried about things like service outages or data breaches.
A good risk assessment framework gives cloud service providers the tech-based reassurance they need to boost consumer confidence and make the most of their productivity.
Types of Risks in Cloud Computing
There are lots of different risks involved with cloud computing, and they can affect your business in different ways. We can group these risks into the following categories.
Security Risks
This covers things like unauthorised access, data breaches and malware infections – anything that could compromise the confidentiality and integrity of your data.
For instance, security issues arise from things like distribution transparency, configuration abstraction, and service automation.
Compliance Risks
The cloud isn’t a lawless frontier. Cloud service providers and users alike have to stick to a lot of different regulations and standards, like Australia’s Privacy Act 1988.
If you don’t stick to the rules, you could face some pretty serious legal and financial consequences, not to mention damage to your reputation.
Operational Risks
These risks are connected to how your cloud services work day to day.
If your cloud services go down, you could lose business. Outages and performance issues can also make it harder for you to get things done.
Another thing to watch out for is operational risks. These are the chances of your cloud services going down because of problems with the cloud infrastructure.
These could be physical hardware problems, virtual machine (VM) failures, or issues with service level agreements (SLAs).
On top of that, if you get too tied up with one cloud provider, you might find it harder to switch and get a better deal.
Financial Risks
The cloud can save you money, but it can also lead to unexpected costs.
Data transfer fees, storage costs and the overprovisioning of resources can quickly make your cloud bill skyrocket.
It’s vital to know what you’re using the cloud for and to put a plan in place to keep costs down. That way, you won’t be caught off guard.
Also, you can take a look at the bigger picture in “6 Types of IT Risks & Emerging Threat in 2024“
Steps in Cloud Computing Risk Assessment
Cloud computing risk assessment is a process where you need to be methodical and structured to get through all the complexities of the cloud environment.
The first thing you need to do is identify your assets. It’s like creating a detailed map of your cloud territory.
What data is stored there? What apps are up and running? What’s the foundation that keeps it all going?
It’s vital to go beyond just a simple list and classify these assets based on how important they are to your business and how sensitive they are.
After all, the most valuable assets need the tightest security.
Once you know what your assets are, it’s time to think about the threats to them.
Djemame et al., says it’s crucial to think about external threats like denial-of-service attacks and flash crowds, as well as internal vulnerabilities like hardware failures or resource limitations.
Threat modelling, vulnerability scanning and penetration testing are your friends in this phase. They’ll help you identify and understand the potential risks lurking in the shadows.
Once we’ve identified the threats, the next step is to evaluate the vulnerabilities.
Noah Oghenefego Ogwara and colleagues in “A Risk Assessment Framework for Mobile Apps in Mobile Cloud Computing Environments” highlight the risks associated with excessive app permissions and intents, which malicious actors can exploit.
In the wider cloud environment, this means taking a close look at your security settings, access controls and patch management procedures.
Could any of the gaps or weaknesses in your system be exploited by the threats you’ve identified?
This phase requires you to be really thorough and to have a good grasp of your cloud environment.
At this point, it’s time to dive into the nitty-gritty of risk assessment: analysing the risks.
It’s not enough to just spot threats and vulnerabilities; you need to know what they could mean for you.
As Mitchell and Samlidis discuss in “Cloud services and government digital sovereignty in Australia and beyond“, data breaches and unauthorised access can have some pretty severe consequences, particularly for government agencies dealing with sensitive information.
When you’re analysing risks, you need to think about how bad each threat could be, how vulnerable the asset is, and what would happen if the attack was successful.
This helps you to decide which risks are the most important and to use your resources in the best way.
At this point, it’s time to put together a plan to deal with the risks. This is where you put your analysis into practice.
Djemame et al. show how adaptive capacity, or the ability to deal with risks through strategies like server replication, is something we should all be aware of.
In practice, this could mean putting in place some solid security controls, like encryption, access controls and intrusion detection systems.
It’s also a good idea to have clear plans in place for how you’ll respond to incidents and recover from disasters.
Best Practices for Cloud Computing Risk Assessment
Using the best methods for assessing cloud computing risks can really improve how well the risk management process works.
Based on what we’ve learned from working with lots of clients, we’ve put together a list of the best ways to do things.
Regular Reviews and Updates
As Djemame et al. point out, the cloud environment is always changing.
New threats and vulnerabilities can pop up at any time, so it’s important to regularly review and update your risk assessment to stay one step ahead.
Stakeholder Involvement
It’s all about teamwork when it comes to a successful risk assessment.
Get input from all the different departments that have a stake in this, like IT, security, legal and compliance.
That way you can be sure you’re looking at all the different aspects of cloud risk.
Utilising Standardised Risk Models
Using standardised risk models, like those in the CORAS approach and the Information Risk Analysis Methodology (IRAM).
These can help you to analyse threats and manage risks in cloud computing in a systematic way.
Automation
Make the best use of automated tools. Make your life easier by using automated tools for things like vulnerability scanning, penetration testing and compliance monitoring.
This will help you to assess risks more quickly and efficiently.
For another reference, kindly check “10 IT Risk Assessment Steps & Best Practices.”
Multi-Cloud Strategy
Don’t put all your eggs in one basket. If you use different cloud providers, you’re less likely to get stuck with one company and you’ll be less affected if there are any problems with the service.
As Mitchell and Samlidis say in their paper, most businesses are now using more than one cloud service, and this is becoming increasingly common.
Reputable CSP
Make sure you choose your cloud service provider carefully. Go for a provider with a solid track record in security, compliance and reliability.
Look for certifications like ISO 27001 and SOC 2, which show they’re committed to maintaining high standards.
Engaging Third-Party Audits
Bringing the third-party audits into the risk management process can make things more transparent and give an unbiased view of how the cloud service provider manages risks.
This approach helps build trust and credibility with your customers and all stakeholders.
How to Get Support for Cloud Computing Risk Assessment
The cloud can feel a bit like a maze, especially when it comes to security. The threats are always changing, and it’s easy to feel a bit overwhelmed.
If you’re having trouble with your cloud computing risk assessment, you’re not the only one. A lot of businesses don’t have the resources or expertise to navigate this complex landscape.
That’s why we’re here to help you make sense of it all.
We’ll take the time to get to know your business inside out and then put together a IT risk assessment strategy that’s right for you and your goals.
Interscale will help you spot weaknesses, decide which risks are most important, and put together a complete cybersecurity plan to protect your cloud assets.
We’ve got training programmes too, to help your team spot and deal with threats in the right way.
Want to see how we can help? For more info, kindly visit our Interscale Cybersecurity Services page.
Or maybe you’d like to grab a coffee and croissants?
We’d love to hear from you about how we can help you with your specific risk assessment challenges.
In Closing
A computing risk assessment is all about being proactive, not reactive.
If you know the potential problems, take a structured approach, and follow best practices, you can significantly reduce the risks associated with cloud computing.
But like any powerful tool, you need to handle it with care.
That’s why an Interscale cloud computing risk assessment is your best bet for making sure you can use the cloud to its fullest potential while keeping your business safe and secure.
