Trending: why everyone is signing up to multicloud
How do you stay ahead in technology? The answer used to be that you sought out the best vendors and engineers and bought up their products and skills, integrating the technology seamlessly into your workflow. In many ways, that hasn’t changed, but – faced with diverging technological branches – many companies have decided to keep their options open. This is the strategy known as multicloud. Here’s how it works.
What is multicloud?
First of all, it’s not hybrid cloud, which is a combination of private and public cloud infrastructure. The two aren’t mutually exclusive, but they’re not at all the same thing. Multicloud is about choosing cloud vendors. Traditionally, you would accept tenders from a variety of vendors, then pick the one who offered the best value and fit for your needs. And it’s exactly those differentiators cloud vendors developed to win bids that have led to multicloud. Now companies are faced with an array of vendors with different strengths, they don’t want to harness their carriage to one horse. They can sign up with multiple vendors, picking out the strengths of each for different business use cases.
Why are companies opting for multicloud?
The average number of cloud vendors for large companies is now three to four (there’s a variance between public and private cloud). The main incentive is to avoid ‘vendor lock-in’ where opting for a single provider encourages a dependency on a particular technological roadmap, according to that vendor’s MO. Giving yourself the option to exploit the strengths of a number of individual vendors and the ability to chop and change as benefits and priorities change is a core driver for a multicloud strategy.
Are there other benefits to multicloud?
Yes, plenty. Sometimes multicloud happens by accident as companies acquire or develop technology strains that require a different cloud partner. Or there may be compliance issues, where data is required to be held in a particular territory. There’s also a disaster recovery element, where resources can be shifted on to a secondary platform in the event of an outage on the principal network.
Who are the key multicloud vendors?
No one sells multicloud, per se. But that doesn’t mean there aren’t primary options for companies pursuing a multicloud strategy. AWS, as you might expect, leads the pack, with Microsoft Azure in a strong second, trailed by Google Cloud Platform. VMware cloud, IBM Cloud, Oracle Cloud and Alibaba Cloud are also contenders in the space.
How do companies manage a multicloud strategy?
Deploying multicloud has its benefits, but simplicity is not one of them. There are a range of strategies available but a shift is afoot. On the decline is an organic approach to multicloud where vendors have been added on an ad hoc basis. On the rise is an intentional multicloud strategy where companies have set out to create a robust architecture exploiting the benefits of multicloud in an organised and systematic manner.
Report: Financial institutions face cloud-based threats
Over one year into the pandemic, different financial institutions report costly consequences to falling short of protecting their data storage from cloud-based attacks and network disruptions. The report is based on more than 800 responses from IT professionals working in the financial services industry in North America, Latin America, Europe, and the Asia-Pacific region.
- Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organisations hit hardest at $4.7 million in estimated losses.
- Network outages also result in costly burdens: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.
- The industry remains a popular target for cloud-based attacks: Over half of all organisations (54%) surveyed suffered a data breach in the last 12 months with 49% plagued by a cloud malware attack as well.
- Cloud and network-based attacks will continue to be a major threat vector: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.
- Threat resolution teams are embracing network visibility for security hygiene: Globally, network monitoring (76%), threat intelligence (64%), and threat hunting (57%) are considered the most effective mitigation tactics against these threats.
Even before the pandemic, tech companies were increasingly seeking moves to the cloud. The COVID-19 crisis has accelerated the adoption of cloud computing by the financial sector as part of its process of digitalisation. As companies transition and move data, there can be a lack of protection due to a number of factors such as undertrained staff and insufficient firewalls.
“The financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud,” said Anthony James, VP of Product Marketing at Infoblox. “As the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber criminals to exploit.”
“This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves,” James continued.