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How to Assess Your Critical Cloud Service Providers

  • How to Assess Your Critical Cloud Service Providers-

    Quantifying Risks

    There will always be some degree of residual risk when working with a third party. Because of this, it is important to take a holistic view of the relationship and apply traditional risk management and risk assessment techniques to determine potential threats. For example, what would happen to your organization if the CSP goes out of business, or if data is exposed in a public space? How you size and rank these risks can and will impact the likelihood of its influence. Further, your organization’s ability to quantify the loss of data’s CIA (confidentiality, integrity, availability) can help inform your decision-making process related to the CSP’s role in the event of data loss.

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How to Assess Your Critical Cloud Service Providers

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  • How to Assess Your Critical Cloud Service Providers-11

    Quantifying Risks

    There will always be some degree of residual risk when working with a third party. Because of this, it is important to take a holistic view of the relationship and apply traditional risk management and risk assessment techniques to determine potential threats. For example, what would happen to your organization if the CSP goes out of business, or if data is exposed in a public space? How you size and rank these risks can and will impact the likelihood of its influence. Further, your organization’s ability to quantify the loss of data’s CIA (confidentiality, integrity, availability) can help inform your decision-making process related to the CSP’s role in the event of data loss.

Previously, MetricStream's David Williamson shared best practices for how companies can keep their cloud technologies secure, including:

  • Prioritizing the value of your data (whether public or private).
  • Considering the different ways a loss event may impact your organization.
  • Monitoring and managing your third-party relationships with specific loss prevention protocols.
  • Testing your network for weaknesses, and addressing them swiftly.
  • Dedicating resources for information stewardship.

According to the Global State of Information Survey led by PwC US in conjunction with CIO Magazine and CSO Magazine, of 10,000 IT and security decision-makers in 127 nations, 69 percent of respondents use cloud-based security services. This number reflects that the cloud has not only proliferated, but has become a staple in the enterprise IT strategy. Given the survey results, which reveal increasing and continued growth of cloud adoption, Williamson has outlined five best practice guidelines for how companies can assess the capabilities of their critical cloud service providers (CSP).