Back in 2023, there was a huge spike in the number of data breaches across the world. As a matter of fact, between 2022 and 2023, there was a 20 percent increase in data breaches. 

As if external data breaches weren't enough, insider data theft has started to become a major concern for businesses. It's alarming that at least one in three reported data breaches almost certainly involve an insider. 

There's no doubt that in the modern day, data is the lifeblood of all kinds of business operations. But, there's a dark side to managing information, especially that of a business. 

Imagine this: you've got everything in order, business is booming, and then suddenly, you discover that critical data has been stolen. Further investigation into this reveals that the data was stolen by one of your own employees. 

Internal data theft is not just a nightmare but a harsh reality many companies face. Fortunately, there's a clever solution to this problem: investing in cloud storage. 

As of 2021, the worldwide cloud storage market was valued at a massive $68.54 billion. As of last year, this market's value stood at $98.8 billion. All that aside, how exactly does a good, secure cloud storage solution solve your company's internal data theft problems?

Understanding the Internal Data Theft Problem

Employees, often trusted with sensitive information, sometimes misuse that trust to copy, share, or steal data for personal gain. This could mean taking client lists, confidential trade secrets, or even sensitive financial records. 

It's a tricky problem because, unlike external cyber threats, the “enemy” is already within. Companies need a way to keep their valuables safe without constantly looking over their shoulder, and that's where cloud storage enters the scene.

What Makes Cloud Storage an Ideal Solution?

You might be wondering, "What's so magical about cloud storage?" Well, let's put it this way: cloud storage is not just a digital filing cabinet. It's a digital vault with reliable safeguards, surveillance, and access control. 

Unlike traditional methods of data storage, a cloud storage solution is equipped with advanced security features. Because of these features, your data remains protected in ways you might not have thought possible. For starters, everything in the cloud is encrypted, meaning that even if someone gets their hands on your data, it's scrambled and unreadable. 

Also, as Box puts it, cloud solutions offer multi-factor authentication, activity tracking, and strict access controls. All these features make it harder for anyone (even someone on the inside) to access data they're not supposed to see. Even if they do manage to take a peek, there are measures to keep track of who is accessing which data at what time.

How Top Cloud Storage Solutions Can Address a Company's Internal Data Theft Problems

Data Encryption

When your data is resting in the cloud, it's like it's lounging in a secret hideout, completely disguised. Even if an employee tries to access that data without permission, they'll see a jumbled mess of information unless they have the decryption key.

This way, even if someone does try to sneak off with sensitive files, they won't be able to make sense of them. Essentially, encryption puts a stop to internal data theft before it can even start.

Access Control

It might sound obvious, but the best way to stop data theft is to make sure people don't have access to things they shouldn't. 

Cloud storage solutions come with sophisticated access control features, allowing you to decide who gets to see what. You can grant permissions on a need-to-know basis, meaning employees only have access to the information they need to do their job, nothing more.

Imagine if every drawer in your office had a different lock, and only the right people had the keys. Cloud storage does exactly that, but digitally. 

Activity Tracking

Maybe you don't want to be that boss who's watching every single move your employees make. However, wouldn't it be nice to know if someone is snooping around where they shouldn't be? Cloud storage services offer activity tracking, which logs every action taken on your data. 

Who accessed it? When? What did they do with it? You'll have a record of it all.

It's a bit like having security cameras in a store. No one's following you around with a camera in your face. That being said, if someone tries to swipe a product off the shelf, there's a recording of it happening. 

With cloud storage, you get that same level of oversight without needing to be intrusive. You can even set up alerts for suspicious activities, like someone downloading massive amounts of data all at once.

The Investment is Worth It

The cost of cloud storage solutions has gone up this year. Users have often had to exceed their estimated cloud storage budgets. Last year, 200GB of cloud storage would have cost you around $3 per month on average. This year, and going forward, expect cloud storage costs to increase. 

Despite all that, it seems that the need for cloud storage solutions isn't going away. Right now, businesses aren't afraid to spend money on secure storage solutions to protect their company data.

Also, when it comes to internal data theft, you don't want to be in a constant state of paranoia. You want peace of mind, knowing that your business's sensitive information is secure, no matter who's handling it. Cloud storage provides that sense of security by offering encryption, access controls, activity tracking, and recoverability. 

Therefore, the next time you find yourself worrying about who might be peeking at your company's secrets, remember that the cloud has your back. Invest in a solid cloud storage solution, and let it do the heavy lifting of protecting your data.