Cloud’s Traction creates new security challenges!

As enterprises’ preferred supplier of new networks and technology building blocks, the cloud powers IT’s most significant and fastest-growing market. Gartner said worldwide public cloud service will expand from $604 billion to $1trs by 2023, with IaaS/PaaS standing as the fastest-growing segment. 125 to $ 900 billion in 2023 to $ 1 trillion in 2026 while having a CAGR of 18 percent. 24%. The key subcategories of the public cloud services with the highest growth rates are database as a service, business intelligence, security, and IaaS. Worldwide, business spending on public cloud security services is expected to rise from $19. 22 The global payment processing industry is expected to grow from $4 billion in 2022 to $48. 9 billion in 2026, by which time it would have reached a CAGR of 20.3%. Today, 94% of enterprises have been using some cloud service, and 75% pointed out that security was the key factor of their cloud adoption. Indeed, according to the survey, 67% of enterprises have already aligned their infrastructures with the cloud.

Given that corporations are currently migrating their operations to the cloud and offloading their workloads to the cloud providers, the risks with or for breaches, incorrect open-mouthed settings of the cloud platforms, variable IAM and PAM, and hyperscalers and cloud platforms are much higher. Gartner also states that the end-user will cause 99% of cloud security problems; therefore, it is vital to constantly reinforce the IT and security staff’s education on cloud security best practices. Over $1.3 trillion of business IT expenditure is at play, expected to reach $1.8 trillion in 2025. Hence, in that year, public cloud service will account for 51% of the IT spending, while in 2022, it will be 41%. As a result of the increase in the market share of cloud services, slightly more than two-thirds (65. 9%) of expenditures for application software will be intended for developing cloud technologies in 2025, compared to 57. 7% in 2022.

According to Gartner, enterprise IT spending on cloud computing is projected to surpass spending on traditional IT by 2025. Source: Gartner Says More Than Half of Enterprise IT Spending in Key Market Segments Will Shift To The Cloud By 2025 

“Security has to be an enabler for a business; primarily, it has to enhance your business resiliency base and strengthen the productivity that comes with digital transformation,” Fortray’s CEO stated to Fortray’s Digital Marketing Team. Indeed, there is high demand experienced by enterprises that need to protect their growing sophisticated cloud structures and technology stacks. Gartner forecasted that by 2026, organizations would spend twice as much as they paid in 2023 on cloud security, nearly $6B. 4 billion to $12. 9 billion.

Global end-user spending for information security and risk management will rise to $167. It also reported that the health organisations’ spending reached 86 billion in 2022 to $261. % between 2020 and 2026, while the total global gambling is expected to reach 57. 1%. And that demand is pushing up R&D spending among cybersecurity vendors and start-ups. In most cases, Fortray Global's CISOs and CIOs develop business cases for their most demanding cloud security projects. This includes matters associated with zero trust and multi-cloud, for instance.

Mazhar Minhas went on to elaborate on how cybersecurity vendors respond to these new conditions and come up with new solutions faster. He added this while pointing out that Fortray has been concentrating on the quality of cybersecurity programs, especially since cloud architecture assumed prominence. This architecture helps improve UX and UI since the Putnam model facilitates easy integration with other on-premises systems. In the case of Fortray, the Faculty’s focus on DevOps is identifiable in its track record of successfully launching new programs. Its faculty members and experts can quickly adapt to changes in the aspects of the platform.

In addition to Fortray programs, it also has faith in its mechanism and protection. In an interview with James Butt, the Cybersecurity Manager at Fortray, he said, “At its core, what this means is, in setting up what you need for the future because you’ve got the core infrastructure right, you can cycle through development much more quickly and bring products to market much faster because you’ve laid the base,” he continued. The second part is that we have this notion of collecting once and using it multiple times. Therefore, it is based on collecting all the cloud security telemetry and adding more analytics for different scenarios. So that gives us that velocity.”

The new business initiatives Mazhar Minhas and James Butt alluded to are examples of digital transformation initiatives that force the CISO and CIO to redesign how they deliver cybersecurity as a team. They further said in the interview that offering the Network Cybersecurity Program and Cybersecurity program empowers the CIO and CISO against the new cyber threats. New SaaS applications, old on-premise applications that connect to hybrid cloud environments, multi-cloud, and the absence of IAM in various hyper scalers expand attack vectors.

Most emerging technologies are being pushed to be released earlier simply because enterprises are experiencing exponential growth in possible attack vectors. Preserving all types of identities is important now because all of them are threatened. Such reasons include increasing OT and IT disparity, rapidly expanding IoT networks and the corresponding endpoints, and the vulnerability of supply chain contact points to self-healing endpoints.

Thus, the future fate of CISOs and CIOs will largely depend on how effectively they manage these technologies, including SaaS applications, for revenue generation. SaaS application-derived revenue is expected to rise at 9% CAGR between 2020 and 2023 and touch $60.36 billion. SaaS, which stands for Software as a Service, has a market of approximately $3 trillion on a global level and could surge to $10 trillion by 2030.

The most recent Gartner Security Radar helps formulate a pattern of assessing the cloud contributions towards cybersecurity in aggregate and zero-trust. Gartner identifies six core themes driving cloud-based cybersecurity innovation:

• Guaranteeing cloud service use
• Such attack surfaces are broadening day by day.
• Its identities have become the new security perimeter.
• Implementation of new paradigms in the cybersecurity field, which is supposed to provide the amalgamation CISOs seek in their technologies with technologies incorporated for this purpose.
• The application of the same technologies for the new paradigms of delivery
• Security hyper-automation and AI might go a long way in addressing the perennial labor shortages many organizations struggle to cope with.

Gartner’s latest Impact Radar on Security provides a valuable framework for identifying the innovations cloud security is helping to accelerate across enterprises. Source: Emerging Tech Impact Radar: Security Published 16 November 2022 — ID G00766277 courtesy of Morphisec reprint

AI market expenditures for cybersecurity worldwide are expected to rise from 12 billion dollars in 2020 to 30 billion and 5 billion by 2025. Corporations and the cybersecurity companies that supply solutions remain the heaviest investors in such technologies as artificial intelligence and machine learning. The aim is to assess colossal and heterogeneous data and provide reliable and understandable results. Several initial realizations of AI have distinguished profound threats by performing behavioral analysis on the files before or after their execution. Employing AI and machine learning to identify anomalies will enable the determination of different linked and combined signal notifications to hasten an investigation. They supplement alerts by deriving what extra data is needed for an investigation and collecting, structuring, and representing that data before investigation.

Enterprises will often use AI-based security operations apps and platforms to produce books that contain methodical approaches to putting an end to threats and reducing risks, depending on how they describe cloud-based threat profiles that have been proven successful in the past. AI examines the given data and may either suggest the following steps to be taken or implement them if the situation is more credible; this way, it frees the analyst's time, which would otherwise go into figuring out these stages. Modern digital transformation projects that define enterprises today compel the CISOs and CIOs to redesign how the team approaches cybersecurity implementation. New SaaS applications, still on-premises apps connected to hybrid cloud arrangements, multi-cloud, and the general absence of IAM across different hyperscalers all create new attack vectors. Reducing attack surfaces with new emerging security technologies should be part of any company’s revenue strategy and success tomorrow.