The vast majority of companies in Germany pay more than expected for cloud. This is confirmed by a study by Veritas Technologies. According to this, 93% of respondents incur higher costs for their business than originally anticipated by using a public cloud service provider (CSP). On average, the planned budget is exceeded by almost 47%.
According to the study “Securing Your Enterprise in a Multi-Cloud Environment”, for which 1,500 technology and IT decision-makers from twelve countries were interviewed, the respondents see a clear added value in the public cloud. All (100%) indicated that their organizations reap the benefits of flexibility, scalability, and mobility by partnering with CSPs and using their tools.
However, many businesses plan their cloud budgets without knowing what they’re actually paying for. Nearly all respondents (99%) believe that the CSP is responsible for protecting certain assets in the cloud. This rarely happens: most CSPs make it clear in their terms and conditions that while they are responsible for cloud resiliency, they are not responsible for protecting customers’ data and applications. The company itself is responsible for this.
Research shows that data in the cloud is a tempting target for cybercriminals. Over 90% of study participants said their businesses have already experienced a ransomware attack on the cloud environment.
The lack of knowledge about cloud liability shows that many companies do not sufficiently consider the data protection requirements of third parties. Critical data is often not protected against ransomware attacks and data loss. And more than half of organizations (52%) lost data because they relied solely on the backup tools and solutions of their CSPs. 80% of respondents agree that current vendor offerings do not meet their company’s security needs.
So it’s no surprise that data protection requirements are the main cause of cloud windfall costs. 38% of these are unexpected backups and restores.
“The study underlines the enormous advantages companies have by using the cloud,” explains Ralf Baumann, Country Manager Germany at Veritas Technologies. “But it also makes it clear that they need to be clearer about what services they are actually buying from their CSP. No one is going to allocate the budget for a service that is actually free. However, if IT managers find that their data protection requirements aren’t covered by the CSP, they’ve usually already lost the data. So if companies want to avoid having to request additional budgets for overspending on a project, they should consider data protection from the beginning. This is how they regain control of their data.”
About the study:
Veritas Technologies commissioned independent market research specialist Vanson Bourne to conduct a survey. In August and September 2022, 1,500 IT and technology decision makers from companies with at least 1,000 employees in the Americas, EMEA and APAC were surveyed.
Find the full one here She studies.
www.veritas.com
