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Evaluating and Establishing Baseline Security Requirements in Cloud Computing: An Enterprise Risk Management Approach

Tunbosun Oyewale Oladoyinbo, Olubukola Omolara Adebiyi, Jennifer Chinelo Ugonnia, Oluwaseun Oladeji Olaniyi, Olalekan Jamiu Okunleye

Asian Journal of Economics, Business and Accounting · pp. 222–231 · Published 25 Oct 2023

10.9734/ajeba/2023/v23i211129

Abstract

In today's digital age, businesses use cloud services to boost their operations exponentially. While this trend presents excellent potential, it is marred by significant concerns over the safety of data stored in the cloud. As the demand for cloud computing increases, businesses face issues ranging from data breaches and provider security to service availability and regulatory compliance. It becomes crucial for organizations to enact stringent security protocols not only to protect user information but also to smoothen operational processes, enforce regulatory compliance, and delineate user behavior norms. To fortify cloud assets, businesses must adhere to foundational security guidelines covering confidentiality, risk analysis, e-discovery, business resilience, and third-party contract obligations. Therefore, while the cloud's advantages are manifold, they have intricate challenges. Businesses must prioritize impenetrable security, craft meticulous risk strategies, and fortify against potential threats to harness the full potential of cloud services while preserving their assets and reputation. These results show that most respondents have a confidence level of 7, indicating a relatively high level of trust in the current cloud security measures. Organizations must continuously assess and adapt their cloud security strategies to keep up with the dynamic digital environment and evolving threats for long-term security and operational efficacy.

Digital businesses cloud services data security concerns cloud computing demand data breaches vendor security availability setbacks regulatory compliance

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