Defending economic growth using Verizon cloud security

In 2024, cloud security breaches do far more than expose sensitive data to cyber threats. They can threaten the economic stability of tech-driven organizations.

Consider this: Spending on global public cloud services is forecast to reach $805 billion in 2024 and double in size by 2028, according to IDC research. At the same time, various industry observers estimate half of all workloads now run on cloud services, and that figure could be as high as 70% when specific software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS), and hybrid cloud services are added to the mix.

Cloud security threats today include zero-day vulnerabilities, phishing, and identity-based attacks that allow threat actors to gain unauthorized access, escalate privileges, and move laterally within cloud environments. Take for example, a recent online intrusion into a widely-used cloud-based email and calendaring service in which attackers exploited zero-day vulnerabilities to gain access to sensitive data, exposing thousands of email accounts across public and private sector organizations. This breach disrupted essential services for government agencies and private companies, forcing long recovery periods and leading to substantial reputational and financial damages.

Another notable 2024 breach targeted the cloud infrastructure of a leading software provider. Attackers used phishing and cloud account takeovers to infiltrate critical executive applications, exploiting a combination of weak identity management and misconfigured access controls. This allowed intruders to escalate privileges and compromise sensitive executive communications and financial data. The fallout from this breach has led to heightened regulatory scrutiny, stock price dips, and an erosion of customer trust, underscoring how a single cloud vulnerability can ripple across organizations.

Such incidents illustrate the sophisticated tactics attackers take, and the far-reaching consequences of failing to secure cloud environments, underscoring the need for robust cloud security tailored to protect data and mission-critical operations.

Verizon's comprehensive cloud security capabilities can help CISOs and top-level executives secure cloud environments with tailored protection to help address evolving threats.

Quantifying cloud security risks

The financial implications of recent cloud security breaches continue to escalate. According to CrowdStrike’s Counter Adversary Operations (CAO) report, cloud intrusions have increased by 75%, with adversaries leveraging identity-based techniques to persist and escalate privileges.

Separately, a 180% increase in attacks exploiting web application vulnerabilities was found in Verizon’s 2024 Data Breach Investigations Report (DBIR) further exacerbating the situation. Web applications serve as a primary interface to cloud services, and vulnerabilities in these applications can give attackers access to sensitive data and resources.

Verizon’s 2024 DBIR also reported that system intrusions accounted for 36% of breaches, with many of the intrusions exploiting cloud-based vulnerabilities. These statistics expose the urgent need for more robust cloud security measures.

Economic consequences of cloud security vulnerabilities

Beyond threatening data integrity, cloud security vulnerabilities also have the potential to disrupt critical operations and hinder economic growth. Key vulnerabilities include:

• Loss of control – As businesses transition to cloud services, data control often shifts to cloud providers, creating potential risks.
• Lack of trust – Issues with verifying and trusting cloud service providers can lead to significant security gaps.
• Multi-tenancy risks – Cloud environments that share resources among multiple users heighten the risk of cross-tenant data breaches.
• Web application vulnerabilities – Unpatched or misconfigured web applications are a prime target for attackers.
• Third-party breaches – Security weaknesses in third-party vendors or partners can lead to breaches that compromise an organization's data.

Verizon’s comprehensive cloud security approach

To address cloud security vulnerabilities, Verizon’s comprehensive cloud security solutions integrate a range of advanced security technologies, including:

• Integrated security controls – By embracing cloud security integration, security leaders can help address an array of cloud-specific vulnerabilities, improve their ability to maintain regulatory compliance and adhere to industry best practices. Combining Cloud Security Posture Management (CSPM), Cloud Access Security Brokers (CASB), Identity and Access Management (IAM) systems, Cloud Workload Protection Platforms (CWPP), alongside encryption and key management can help organizations develop a comprehensive cybersecurity program. Organizations can incorporate these elements into their cybersecurity strategy to promote overarching cloud infrastructure protection, to manage access controls, monitor configurations, secure workloads and oversee data encryption.
• Zero Trust framework adoption – Verizon’s Zero Trust Dynamic Access solution helps secure cloud workloads by continuously validating user identities and managing access to cloud resources and sensitive data. It eliminates blind spots by providing context-based labels and securing remote access to cloud workloads.
• Proactive monitoring – Automated compliance checks and continuous monitoring ensure potential threats are detected early, allowing for rapid response to incidents before they cause widespread damage.
• Cloud Gateway controls – These edge controls protect against malicious sites and offer Domain Name System (DNS) security, helping to provide secure and safe connections to cloud applications.
• Cloud Access Security Brokers (CASB) – CASBs help address security compliance and governance of cloud applications by monitoring access and securing sensitive data.
• Data Loss Prevention (DLP) – DLP is used to implement policies that help prevent data leaks, scanning content for sensitive information and restricting data exposure.
• Verizon Enhanced Intelligence Feed (VEIF) – Provides near real-time indicators of compromise (IOCs), empowering organizations with actionable threat intelligence.

Support for economic resiliency across industries

Various industry sectors face unique cloud security challenges, and Verizon offers tailored strategies to help them.

To help retailers better protect customer data and address the security of high-volume transactions, Verizon provides:

• Data encryption to protect sensitive information such as credit card numbers.
• Identity and Access Management (IAM) to help ensure only authorized personnel can access sensitive data.
• Advanced threat detection to monitor for suspicious activities in near real-time, using behavioral analytics to help detect anomalies.
• Payment Card Industry Data Security Standard (PCI DSS) assessments to help customers protect cardholder data and encourage consumer trust.
  

To help financial institutions protect transactions and assist customers in meeting regulatory compliance standards, Verizon offers:

• Regulatory compliance tools and processes to monitor for Sarbanes-Oxley Act (SOX), the General Data Protection Regulation (GDPR), and Securities and Exchange Commission (SEC) compliance, including automated audits and real-time reporting.
• Secure transactions to provide end-to-end encryption and Secure Sockets Layer (SSL) protocols to help protect financial transactions.
• Auditing and monitoring to continuously track access and changes to sensitive data and provide a clear audit trail.
• Multi-Factor Authentication (MFA), which requires multiple verification forms to help reduce unauthorized access risks.
• Data Loss Prevention (DLP) to prevent sensitive financial data leaks by addressing data integrity and confidentiality needs.
  

To help healthcare providers address patient data protection and Health Insurance Portability and Accountability Act (HIPAA) compliance, Verizon’s capabilities include:

• HIPAA compliance to help protect patient health information (PHI).
• Data encryption to help safeguard PHI in-transit and at-rest.
• Access controls to help stop unauthorized access to sensitive information.
• Audit logs to track access and changes to patient data.
• Incident response services to quickly address and reduce the impact of breaches.

Future-proofing economic stability with strong cloud security

To maintain long-term economic stability, organizations now recognize the need to adopt Zero Trust frameworks and implement continuous validation to live up to the mantra, never trust, always verify.

Increasingly, industry leaders can see how the widespread use of cloud services, along with mobile devices and the Internet of Things (IoT) has chipped away at their assumptions of a secure network perimeter. Verizon’s Zero Trust Dynamic Access is one example of a solution that can help organizations secure connectivity and data protection across private, on-premises, and cloud environments.

In addition, AI and automation can also be deployed to further strengthen cloud security by improving threat detection and reducing response times. Through its promise of greater speed, accuracy and automation, AI can help organizations in detecting and responding to security incidents. AI-driven predictive analytics can also help identify anomalies and potential threats before they escalate, while automation can help address the need for faster, more efficient incident response, reducing operational disruptions and potential financial losses.

Cloud security advice to boost resilience

CISOs generally look to robust cloud security as crucial to long-term economic resilience. Verizon recommends regular vulnerability assessments, continuous monitoring to help detect and mitigate potential threats, and comprehensive incident response plans to help strengthen security and maintain daily operations. In addition, it’s also important to invest in employee training to help combat phishing and social engineering attacks and help reduce credential theft, which can help lower breach risks.