Hybrid cloud has become the standard for enterprises across various industries, with many organizations adopting a hybrid multicloud environment that relies on multiple cloud service providers. However, this complex environment presents unique challenges, including the risk of cyberthreats that can disrupt essential business operations. To overcome these challenges and ensure business resilience, it’s crucial to develop a robust hybrid cloud risk strategy that focuses on security, compliance, and resiliency.

Security: Safeguarding Sensitive Data and Workloads

Protecting critical data is a top priority for business leaders considering the rising threat landscape. A strong risk management strategy is essential to prepare for unexpected incidents, as the average cost of a single data breach globally is USD 4.45 million. By adopting a hybrid cloud approach to risk mitigation, organizations can effectively safeguard sensitive data and workloads from cyberattacks that can occur anytime, anywhere. Technical assurance is vital to ensure that authorized users maintain exclusive control over private workloads, data, and access keys.

Compliance: Adhering to Regulatory Requirements

Noncompliance is not an option for regulated industries. Failure to meet regulations can lead to significant fines, as major banks experienced fines exceeding 75 million US dollars due to IT and cloud-specific failures from 2020 to 2022. To avoid such hefty costs, enterprises must build capabilities that ensure compliance with evolving regulations across all locations where they conduct business. IBM’s cloud solutions offer built-in controls and continuous compliance to address security and compliance concerns for business leaders.

Resiliency: Ensuring Business Continuity

Maintaining uninterrupted business operations is a primary consideration for any hybrid cloud risk management strategy. Building resilience into the IT environment is crucial to ensure seamless operations and unhindered innovation. Leaders must incorporate tools and strategies in their hybrid cloud risk strategy that enable them to quickly respond to disruptions and fully recover compromised data.

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IBM provides a range of storage and recovery products that enhance an enterprise’s ability to recover from disruptions and maintain business continuity across hybrid cloud and on-premises infrastructure. By implementing a robust hybrid cloud risk management strategy, organizations can gain elevated assurances in security, compliance, and resilience, while fostering continuous innovation that drives a successful business.

Sources:
[1] The new era of cloud security, IBM Institute for Business Value, 23 March 2021.
[2] Cost of a Data Breach Report 2023, IBM Security®, July 2023.
[3] Ray Strecker, James Pastro and Charlie Edison, “Regulators Are Focused on Cloud Risk Management,” Promontory Currents, 5 April 2023.

FAQs

1. What is a hybrid cloud risk strategy?

A hybrid cloud risk strategy is a comprehensive plan that addresses the unique challenges and risks associated with managing a hybrid multicloud environment. It focuses on security, compliance, and resiliency to protect sensitive data, ensure adherence to regulations, and maintain uninterrupted business operations.

2. Why is security important in a hybrid cloud environment?

Security is crucial in a hybrid cloud environment because it involves managing data and workloads across multiple cloud service providers. A strong security strategy mitigates the risk of cyberattacks and helps protect sensitive information, preventing costly data breaches that can harm the organization’s reputation and incur financial losses.

3. How can a hybrid cloud risk strategy ensure compliance?

A hybrid cloud risk strategy can ensure compliance by incorporating controls and mechanisms to meet evolving regulatory requirements. By implementing continuous compliance measures, organizations can avoid noncompliance penalties, fines, and reputational damage associated with regulatory failures.

4. What is the importance of resiliency in a hybrid cloud risk strategy?

Resiliency is vital in a hybrid cloud risk strategy as it ensures business continuity even in the face of disruptions or incidents. By implementing robust resiliency measures, organizations can minimize downtime, quickly recover compromised data, and continue operations without significant disruptions, enabling them to maintain customer satisfaction and protect their bottom line.