Cybersecurity is currently the focus of public policy. There was an estimated $600 billion spent by the global economy due to cybercrime in 2017.

Cybercrime will put a total of $5.2 trillion at risk over the next five years, according to Accenture.

Estimates like these fluctuate widely because they're only approximations. In my opinion, what matters more than the precise size of the expected cost is the exact figures. As a result, despite various attempts over the last quarter-century to contain these risks, the costs of cyberattacks continue to rise, not decrease, and most companies-governments and organizations-are having trouble securing their networks.

A hybrid cloud or public cloud may be the most promising approach for businesses to guard against cyberattacks. Companies that rely on CSPs (cybersecurity services providers) for their security have access to specialized security teams that are unmatched by a majority of their counterparts, so they are in a great position to utilize them.

Cloud computing is not necessarily secure as a result. Nevertheless, it is safer than the safety efforts most companies can make somehow, or it is a new accomplishment. It is for this reason that organizations are continuing to pursue their "cloud-first" policies despite the tremendous reputational costs associated with its 2019 data breach, and why governments have adopted "cloud-first" policies.

Cloud computing provides the security "Fort Knox" solution for the growing issue of cyber security today. Harvard professor Jonathan Zittrain writes that Fort Knox embodies safety by centralization: gunships, tanks, and 30,000 soldiers surround a vault containing more than $700 billion in government gold.

Security standards for digital assets are the same for CSPs and public providers. Experts agree that CSPs' security services are essentially better than what most companies can provide themselves, from Alex Stamos, former chief information security officer (CISO) at Facebook, to a CISO at a big financial institution.

One of the issues concerning public policy is how cloud services can create new kinds of systemic risks. The disadvantage to the creation of Fort Knox is that it becomes an inspiration and a dream for criminals, and the effects can be devastating and far-reaching, as Goldfinger describes in the 1964 James Bond film of the same name. It is a significant public policy issue that needs to be addressed. As far as this is concerned, it remains speculative.

Cloud security does not necessarily win big or lose big in any case. Compared to existing cybersecurity, it's simply less well known. These risks range from the cascading effects of temporary failures to the use of vulnerabilities in basic software and cloud-based software.

As a result, even though the cloud can be considered a "foreign PC," cybersecurity still applies, and clients can have their data exposed without fulfilling their responsibility regarding security. Now is the time for policymakers to gain a better understanding of the risks associated with the cloud and their potential effects.