Mitigating disaster: How cloud computing and risk management go together

Proper cloud security ensures clear days ahead.

In this piece:

Even the best-laid plans can go awry, with unpredictable risks that can shake our foundations. Although many organizations have accelerated their digital transformation efforts, many companies have not fully embraced cloud computing as a key to a modern risk management strategy.

This lag in cloud migration can present massive challenges, as well as competitive disadvantages for organizations who aren’t fully utilizing cloud offerings.

Before we get into how cloud-based platforms can help mitigate risks, it’s helpful to know a little more about business continuity and disaster recovery.

Business continuity vs. disaster recovery

Business continuity

A business continuity plan acts like an umbrella, shielding your organization from internal and external threats. The plan provides guidance on keeping operations and critical business systems functioning so you can continue serving customers in the midst of a disaster — whether it’s a fire, flood, software corruption or cybercrime. The keys to building a successful plan are listening to input from stakeholders across the organization and performing comprehensive research to identify critical business systems.

Disaster recovery

Disaster recovery is what follows the execution of the business continuity plan. It includes detailed strategies on how to restore the critical business systems you identified in your business continuity plan, should they fail in a disaster. Execution of a well-designed disaster recovery plan is the linchpin to true business continuity.

But if your plans rely mainly on on-premises technology and staff, vulnerability remains and can further complicate matters if disaster strikes.

> Read more | 4 benchmarks for an excellent response to a business continuity crisis

Case study: All hurricane, no cloud

Manhattan-based insurance company ROM Reinsurance (ROM) evangelizes the importance of cloud computing and risk management, having dealt with the aftermath of Hurricane Sandy in 2012. In that scenario, the superstorm left three feet of water in the company’s lobby and made it impossible to run critical business systems, access information and serve customers.

In a nutshell — they were sunk.

Although ROM had undergone an extensive digital transformation, it still hosted its solutions on-premises. The insurer was unable to serve its own customers in need as it was drowning in its own disaster recovery SNAFU.

How ROM rebuilt its risk management strategy in the cloud

Following the hurricane and its devastating after-effects, ROM reached out to Hyland about migrating critical processes to the Hyland Cloud. This allowed ROM to get back up and running in short order. With access to important data, the organization was able to process claims and get much-needed funds to its clients.

business strategy

Common threats mitigated by cloud computing

In addition to natural disasters, two of the most current attacks on businesses have come in the form of the pandemic and cybercrime. They demonstrate why the cloud should be a crucial component of your disaster recovery plan.

COVID-19

When the global pandemic began to rage in early 2020, healthcare was forced to pivot quickly and efficiently. They needed to both protect on-site essential workers and facilitate remote work, all while ensuring patient care ran at the highest quality it could.

Hosting technology infrastructure in the cloud enabled healthcare providers to implement solutions quickly and remotely, while keeping staff safe and ensuring work could go on as usual.

That’s likely why 65% of healthcare organizations use cloud services, and why 37% of them made the move because of disaster recovery concerns, according to research conducted by HIMSS Analytics.

> Learn more | The 9 key benefits of cloud computing in healthcare

Cybercrime

Heavier reliance on technology also means the potential of security breaches is higher. Remote work becoming a norm has further opened the floodgates for cybercrime.

On average, only 5% of organizations properly protect their folders, according to data security firm Varonis, which called 2020 an unprecedented year in IT security. Its analysis of data risk in financial services organizations found that at even the smallest firm, employees have access to more than half a million files, including 20% of all files containing employee and customer data — leaving sensitive information highly vulnerable to data breaches. This is an important factor to consider when migrating processes to the cloud, as improved security and encryption should be a priority.

That’s why you should look for a natively secure platform that keeps information protected at rest, in transit and in use.

> Learn more | Fundamentals of cloud data security and protection

Adopting cloud computing for risk management

The benefits of moving to the cloud go beyond business continuity and disaster recovery. It also gives you access to experts who monitor, upgrade, patch, troubleshoot and manage solutions on your behalf — freeing your employees to do more strategic work.

Your IT department will also have a significant burden lifted, because the best cloud-based providers offer round-the-clock support in case of any service disruption. With reputable security measures in place, your IT leadership can also breathe easy knowing the organization’s data is well-guarded.

Business continuity and disaster recovery plans must be a priority for any organization, and organizations should frequently reevaluate their strategies to ensure work can go on with minimal disruptions in case of any emergency. While on-premises systems will always be susceptible to threats, there are ways to mitigate significant risks by ensuring all crucial data and processes are stored in the cloud.

Is your information sufficiently protected to withstand impending threats?

To learn more about keeping your operations flowing with cloud-based business continuity and disaster recovery plan, download the ebook, Mitigating Disaster.

Learn more about Hyland in the cloud:

Hyland on AWS

Hyland is listed on the AWS Marketplace. Learn more about the benefits of purchasing there, including the ability to:

  • Streamline procurement
  • Implement controls and automate provisioning
  • Manage software budgets with cost transparency

Cover of the Mitigating Disaster ebook: Keeping your operations flowing with cloud-based business continuity and disaster recovery plans

 

Mitigate disaster
Keep your operations flowing with cloud-based business continuity and disaster recovery plans
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Jason Bright is the product marketing specialist for the Hyland Cloud.
Jason Bright

Jason Bright

Jason Bright is the product marketing specialist for the Hyland Cloud.

... read more about: Jason Bright