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Fidelity Is A 1,000 Pound Bitcoin Gorilla In The Making – Forbes

September 2, 2020 | Author: admin

NEW YORK CITY, NY, UNITED STATES - 2020/02/17: A view of an american multinational financial ... [+] services corporation Fidelity Investments logo. (Photo by Alex Tai/SOPA Images/LightRocket via Getty Images)

Yesterday, Fidelity filed paperwork with the U.S. Securities and Exchange Commission (SEC) to create a new fund dedicated entirely to bitcoin, which will require a minimum investment of $100,000.

CEO of Onramp Invest, Tyrone Ross, notes Fidelitys minimum investment size indicates they have no immediate plans to expand into retail offerings, but rather want to focus on the higher end institutional side of the business.

The likely logic behind Fidelitys decision is better margins and pre-existing formula for success via industry leader, Grayscale. Grayscales bitcoin trust caters to high net worth individuals and institutions, and has seen its assets under management balloon over the past few years, now topping almost $5 billion.

Tyrone Ross further comments that Fidelity also knows that they carry a brand legacy that other investment managers and custodians simply cant match. Fidelitys brand recognition could allow them to beat out first movers like Grayscale for the growing pie of institutional capital allocated to bitcoin and other digital assets.

https://www.coinbase.com/price/bitcoin

Additionally, the Boston investment giant has ~$8.3 trillion of assets under management, which in theory, if even a small portion of their clients bought into the new bitcoin fund, it would not take long before Fidelity would rival Grayscale. For example, 1% of client assets into their bitcoin fund would give it $83 billion in assets under management, i.e. greater than 16x Grayscale.

If Fidelitys fund proves successful, the price implications for bitcoin are quite clear. For example, back in June 2020, analyst Kevin Rooke determined that Grayscales trust was buying bitcoin faster than it could be mined post-halving.

Given bitcoin currently has a market cap of $208 billion and just underwent its third halving, the aforementioned scenario could easily happen again if Fidelitys fund gains traction.

Furthermore, it could be more potent this time around. Per GrayscalesValuing Bitcoinreport, only 37% of outstanding bitcoin are actually available for trading. The remaining amount has not been touched in over 1 year.

https://grayscale.co/insights/valuing-bitcoin/

There are numerous questions still unsolved from Fidelitys surprise announcement principally, can it gain demonstrable traction with its existing clientele? If so, Fidelity has the potential to be the next 1000 pound gorilla buying up more bitcoin than is being mined, thus a strong tailwind for price.

Disclosure: The author owns bitcoin and ethereum.

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Venezuela’s Bitcoin Use Soars Amid Hyperinflation: 3rd on Global Crypto Adoption Index | News – Bitcoin News

September 2, 2020 | Author: admin

Venezuelans have become increasingly interested in cryptocurrency as their country faces dire economic crisis and hyperinflation, a new study by blockchain data analytics firm Chainalysis shows. The firms Global Crypto Adoption Index ranks Venezuela third as The country has reached one of the highest rates of cryptocurrency usage in the world.

Chainalysis published its study of Venezuelas bitcoin usage Thursday, which is part of its upcoming 2020 Geography of Cryptocurrency Report.

Venezuela is suffering through one of the worst economic crises in modern history, with its national currency, the bolivar, becoming practically worthless, the firm wrote. Under these circumstances, cryptocurrency has taken on an important role in Venezuelas economy As the Venezuelan bolivar has lost value in the midst of hyperinflation, Venezuela has become one of the most active cryptocurrency trading countries on earth. The firm elaborated:

The country has reached one of the highest rates of cryptocurrency usage in the world, placing third on our Global Crypto Adoption Index, as many Venezuelans rely on cryptocurrency to receive remittances from abroad and preserve their savings against hyperinflation.

Most of the crypto activity in Venezuela is driven by peer-to-peer (P2P) exchange activity, specifically on Localbitcoins, Chainalysis noted. Venezuela is the third-most active country on the platform, or second-most active when we scale by the number of internet users and purchasing power parity per capita. Venezuela ranks 3rd for P2P trading volume in USD, after the U.S. and Russia. Venezuelans are also using Bitcoin.coms P2P marketplace to buy and sell bitcoin cash.

Chainalysis also discussed Venezuelas national cryptocurrency, the petro, launched by the countrys contested government, led by OFAC-sanctioned Nicolas Maduro and known for its corruption and human rights abuses. In May, the U.S. put a $15 million bounty on Maduro and charged a number of top Venezuelan government officials with narco-terrorism, corruption, drug trafficking and other criminal charges.

Superintendencia Nacional de Criptoactivos y Actividades Conexas (Sunacrip) is the regulator of crypto activities in Venezuela. So far, seven crypto exchanges have been licensed to trade the petro. According to the Maduro government, petro adoption has been rising significantly. Recently, 305 Venezuelan municipalities agreed to collect tax in petro.

One of the approved exchanges is Criptolago. According to financial intelligence provider Sayari, the exchange is owned by Venezuelas Zulia state, with the states governor, Omar Prieto, occupying a top management position. Prieto is a staunch Maduro ally who is personally under U.S. sanctions for refusal to deliver humanitarian aid, Chainalysis asserted.

Over the last year, Criptolago addresses received more than $380,000 worth of bitcoin over 3,916 transfers and sent more than $360,000 worth over 2,297 transfers. While the platforms transfer volume grew over 13x in the past year, it doesnt appear that Criptolago is helping the Venezuelans struggling most, the Chainalysis claims. The firm pointed out that crypto transactions worth $1,000 or more accounted for more than 75% of total transfer volume, but the average Venezuelan earns just 72 cents per day, meaning very few of them could afford such transfers. Furthermore, the overall number of transactions was under 1,000 per month.

An expert on Venezuela told the firm that Criptolagos transaction activity suggests the platform may be used primarily by individuals connected to the Maduro regime seeking to launder funds or move them out of Venezuela. Nonetheless, Chainalysis affirmed:

We do however, have a lot of anecdotal evidence that people in Venezuela have become increasingly interested in cryptocurrency.

That fits with our interviews of cryptocurrency experts on the ground in Latin America users not just in Venezuela, but in other countries facing harsh economic conditions, turn to cryptocurrency to preserve their savings in the face of monetary devaluation, the firm emphasized. News.Bitcoin.com has also reported on several crypto initiatives to help people in Venezuela.

What do you think about Venezuelas crypto adoption? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Chainalysis

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Is Bitcoin About to Explode? – TheStreet

September 2, 2020 | Author: admin

Bitcoin is back in the news. The virtual currency has nearly tripled over the past six months, but could there be further gains in store? To understand what could happen next, we need to look back at an earlier rally.

If you were following bitcoin in the second half of 2017, you might remember a rally that pushed the virtual currency higher by about 700% in less than six months. That rally is represented by the green dotted line.

In 2017, investors became obsessed with bitcoin, which formed a parabolic curve, shown in blue. A parabolic curve is the market's way of telling us that a trading instrument has become detached from reality. Bitcoin started June of 2017 trading near $2300, but by mid-December it had reached $19,600.

Parabolic moves are inherently unsustainable, and this one was no exception. By February, bitcoin had lost two-thirds of its value, falling back to $6000.

Fast forward to 2020. Bitcoin has formed a massive ascending triangle pattern. In order to break out of this formation, bitcoin needs to climb above $13,000, represented by the red dotted line.

The bottom line: Based on the sheer size of this pattern, if bitcoin can close above that $13,000 level, there is no serious resistance until the $19,000 area. In other words, if bitcoin breaks above $13,000, it could challenge its all-time highs.

Is there a stock, commodity, or currency that you'd like to see analyzed on Ponsi Charts? Feel free to leave a message in the comments section if you have a request.

Ed Ponsi is the managing director of Barchetta Capital Management, and is the author of three books for publisher Wiley Finance. A dynamic public speaker, Ed has made appearances around the world, in such diverse locations as Singapore, Dubai, London, and New York. For more information about Ed and his work, click here.

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Coinsilium backs RSK as Bitcoin and DeFi rocket (COIN) – Value The Markets

September 2, 2020 | Author: admin

London blockchain venture builder Coinsilium(AQSE:COIN) is pivoting into a surging growth industry.

And the market is responding, with shares advancing by more than 10% inthe last two weeks alone on rising volume.

The company has in its hands the world of decentralised finance, orDeFi for short.

The numbers involved are scarcely believable as retail andinstitutional capital floods in.

In just the last 30 days, the total value in these new financialproducts has more than doubled to more than $9 billion.

Coinsilium is moving to profit here by investing in the infrastructurethat underpins not just DeFi, but an entire emerging industry.

Bitcoin booms again

As central banks switch from cautious inflation targets to unfettered trillion-dollarmoney-printing programmes, safe haven stores of value like gold andcryptocurrencies have been the biggest beneficiaries.

And cryptocurrency is deep in the throes of a new bull market. Thatsbeen shown as the price of Ethereum just hit a 19-month high.

Meanwhile, the Bitcoin price has stabilised above $11,500 per coin,surging 110% since March.

That makes it one of the worlds best-performing assets. Far beyond the38% added to the gold price.

Analysts have put a near-term $16,000 price target on the worlds largest cryptocurrency.

Smart contracts,smarter business

The first breakout star of DeFi is cryptocurrency lending.

All loans are carried out automatically by what are called smartcontracts pieces of code that stipulate the terms of loans and how and whenthey must be paid back.

Smart contracts are already part of English law. A panel of top UKjudges and regulators confirmed that they constitute binding legal contracts back in May 2019.

So there is growing faith in what has often been something of aregulatory Wild West for investors.

And this is where Coinsilium comes in.

The firm began a JV with Singapore tech firm IOV Labs in January 2020 to promote the adoption of the RSK blockchain.

RSK is building projects that use Bitcoin smart contracts.

Most smart contracts are currently based on Ethereum. But there is ahuge gap in the market for smart contracts based on Bitcoin.

And there are a near-infinite number of potential uses for Bitcoinsmart contracts.

For example, Californias prime energy agency is now trialing RSKs Bitcoin smart contracts as a way to bring more transparency and liquidity to carbon credittrading.

As with other smart contract projects, auto-executing code sets out theterms and conditions of each carbon credit trade.

Digital tokens represent a companys share in the process.

Today carbon credit trading is not digitized, explains Eduardo Javier Munoz, CEO of one of the businesses taking part in the pilot. It is a very unconventional market. Now it will be easier to hold [credits] and trade them.

Digitizing carbon credit reporting creates new opportunities forbusinesses to redeem these credits but also makes participation much cheaper.

The bridge betweenold and new

RSK builds products using Bitcoin smart contracts.

What is crucial to the growth of this business is a key feature calledan interoperability bridge.

RSKs developers have managed to link the Bitcoin and Ethereumblockchains together so that smart contracts work well on both platforms.

When a user transfers any token, the bridges smart contract locks theoriginal and creates a corresponding amount of new tokens on the otherblockchain. Ethereum-based tokens can be transformed into RSKs RRC20 tokens,and back the other way.

Interoperability has been a cornerstone of the RSK vision from the start. We believe being able to offer Bitcoins benefits to Ethereum users and to connect these respective developer communities is a crucial step for the blockchain ecosystem as a whole. Adrian Eidelman, RSK Strategist, IOV Labs

Bitcoin and Ethereum are the two largest and most-used blockchains inexistence, but processes tend to remain isolated and segregated to eachnetwork.

As industry website Coindesk notes, interoperability makes it much easier for projects to operate ondifferent blockchains and take advantage of things like faster transactionsspeeds and lower costs.

Projects can cater to a broader base of users who would otherwiseremain siloed in closed networks. So it is a huge usability upgrade.

Fast growth, moreuses

Those utilising RSKs model include Bitcoin stablecoin protocol Moneyon Chain. The project says it will use the RSKBitcoin-Ethereum bridge to cross its stablecoins into the Ethereumecosystem.

Today, the advantages of building Decentralized Finance [DeFi] applications for Bitcoin on top of the RSK Network are far superior in terms of security and other features compared to putting it on top of Ethereum. Max Carjuzaa, Money on Chain co-founder

Making the system blockchain agnostic opens up a vast potential newmarket and user base for smart contracts as a whole.

Effectively, people who own Bitcoin can use their holdings in RSK tointeract with Ethereum-based smart contracts.

And there are far more retail and institutional investors who ownBitcoin than Ethereum.

Bitcoin dominates the cryptocurrency market. Theres a reason why it isused as shorthand for the entire industry and the most easily recognisabledigital asset.

Fidelitys 2020 Asset Management survey found 36% of large US and European institutions, including hedge funds,investment advisors and pension funds, own digital assets. 25% hold BTC, while11% hold ETH.

That means there is a huge amount of untapped power in opening up smartcontract projects to Bitcoin owners.

AndCoinsiliums link withRSK gives it direct access to the largest growth area of this fast-movingtrend.

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3.5 Million+ Crypto Wallets Downloaded in July, Active Users up 110% in the Year | Wallets – Bitcoin News

September 2, 2020 | Author: admin

A record 3.5 million crypto wallet app downloads were recorded in July 2020, representing an increase of 81% when compared to the same period last year. In addition, the number of active users went up by 110% between January 1 and August 19, 2020.

According to a report authored by Madeline Lenahan of Apptoppia, the increase in the number of crypto apps downloads is observed right after countries began imposing lockdown measures in the wake of Covid-19.

In the previous year, the number of downloads averaged just under two million, with the month of May and June being the only time when this mark is passed.

Explaining this years increasing downloads, Lenahan, says they didnt think it would last but were surprised to see that the trend has persisted for a few months.

Lenahan offers another possible reason for the growth in wallet downloads:

Cryptocurrency is becoming increasingly mainstream in emerging markets, particularly in regions of Africa. Crypto.com, for instance, has seen a 339% increase in new installations from Nigeria in the past 90 days. Coinbase has seen a 113% increase there.

Apptoppias data shows that Coinbase and Crypto.com have the highest number of users per day with 969,000 and 576,000, respectively. Some of the wallet applications making it into the top ten include Blockchain, Luno, BCH, BRD, Trust and Binance.

Also, recent data from Bitcoin.com shows Nigeria accounting for a greater number of Bitcoin.com Wallet downloads between August 10 and 16. From the total number of downloads of 18,613, Nigeria had 3,473 wallets ahead of the United States, which had 2,802 downloads. The same data shows India in the third position with 1,420.

Both Apptoppia and Bitcoin.com show that Nigeria is cementing its position as one of the biggest cryptocurrency markets in the world.

Meanwhile, in his comments on the increasing download of wallets, mobile app developer Adem Bilican said: Mobile is the way to go for blockchain and cryptocurrencies mass adoption, I am super happy to see these numbers.

Lenahan believes August is likely to set another record as the rate growth appears real and is lasting.

What do you of the increased wallet downloads so far this year? Share your thoughts in the comments section below

Image Credits: Shutterstock, Pixabay, Wiki Commons, Apptoppia, Wallet.Bitcoin.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia Blocks Cryptocurrency Websites Ahead of Regulation | News Bitcoin News – Bitcoin News

September 2, 2020 | Author: admin

Russian authorities have blocked a number of websites related to cryptocurrency ahead of the countrys crypto regulation taking effect. A popular exchange aggregator website has already been blocked twice and has now received a third notice.

Russias Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) has blocked popular Russian cryptocurrency exchange monitoring website Bestchange.ru for the third time. The platform informed its users via Facebook on Wednesday:

Dear subscribers, our Bestchange.ru domain has again been blocked in the Russian Federation. Unfortunately, regional prosecutors continue to sue to block Bestchange and other sites for mentioning the bitcoin cryptocurrency.

Bestchange.ru further explained that it had been investigating how to unblock its domain but testing may take some time. The free website helps users find the best offers online, including the best rates for cryptocurrencies, electronic money, and internet banking. The service, launched in 2007, is not restricted to just cryptocurrency.

According to bits.media, this is the third time Roskomnadzor has blocked Bestchange.ru. The first time was in 2017, which was canceled in 2018. The second time was in March last year when the Kuibyshevsky District Court of Omsk issued an order to block Bestchange.ru along with other cryptocurrency exchange websites. It was canceled in May of the same year. According to a court ruling, information about bitcoin was considered prohibited, as it contradicted federal laws of the Russian Federation, the publication noted.

The third time started when the Kotlas city court ordered the blocking of seven cryptocurrency websites in January. Roskomnadzor reportedly received the court decision on June 23 and immediately sent out notices about the blocking.

The publication reported on June 24 that the owners of the sites bitok.shop, lavka-flowers.ru, cryptorussia.ru, prostocoin.com, cryptowikipedia.ru, bestchange.ru and coinpost.ru received notifications that they distribute information prohibited in the Russian Federation and will be included in Roskomnadzors registry of blocked websites. In addition, news.Bitcoin.com previously reported that six crypto websites and two news sites were blocked by the Russian media watchdog.

Bestchange.ru did not shut down, however, as the management decided to appeal the court decision. The court is expected to pass the case to a higher court on Aug. 27. Nonetheless, Roskomnadzor sent out another notice on Aug. 26 about the blocking of the site.

According to the news outlet, Roskomnadzors action is not related to the crypto regulation recently signed into law by President Vladimir Putin, which will enter into force on Jan. 1 next year. The new law gives legal status to cryptocurrency but prohibits its use for payments of goods and services.

What do you think about Russia blocking crypto-related sites? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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DEWA to accelerate UAE’s adoption of AI and cloud computing – Smart Energy

August 31, 2020 | Author: admin

The Dubai Electricity and Water (DEWA) has partnered with technology company Group 42 to accelerate the development and adoption of artificial intelligence and cloud technologies across the UAE.

The partnership enables the digital arm of DEWA, Digital DEWA, and Digital DEWAs companies Moro Hub, InfraX and DigitalX to introduce and implement digital and data transformation initiatives.

DEWA will leverage the partnership to foster new services around AI and enhance innovations across its service portfolio.

Digital DEWAs service portfolio includes solar energy, energy storage, AI, and digital services which makes it the worlds first digital utility utilising autonomous systems for renewable energy, storage, expansion in AI adoption, and digital services.

Related articles:Top four sensor technologies disrupting future smart citiesDEWA unveils a world-first risk & resilience standard for utilitiesUS injects $1 billion into quantum information science technologies

Digital DEWA will also create new services that will be hosted on Moro Hub and G42 cloud infrastructure to ensure data security and enhanced customer experience.

The services will be managed in Moro Hubs Smart Cities Command and Control Centre, offering 24/7 support to future clients.

The collaboration with Group 42 supports the Dubai 10X initiative to propel Dubai into the future by accelerating the deployment of digital technologies, positioning it 10 years ahead of other global cities.

HE Saeed Mohammed Al Tayer said: We are also committed to strengthening the UAEs position as a global hub for the Fourth Industrial Revolution and increase its contribution to a knowledge-based national economy that depends on innovation and future technological applications.

The partnership with G42 will strengthen Digital DEWA offerings, as they can now extensively collaborate on technological endeavours, to co-create services in the clean energy and IoT, leverage AI-led solutions for government entities and enterprises across different sectors as well as explore the commercial and operational feasibility of such opportunities.

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Partnership to transform cloud computing education – The Star Online

August 31, 2020 | Author: admin

ALIBABA Cloud, the digital technology and intelligence backbone of Alibaba Group, recently signed a Memorandum of Understanding (MoU) with Universiti Tunku Abdul Rahman (UTAR) to enhance cloud computing education offerings for students and staff.

The collaboration will empower digital talents and tech professionals through Alibaba Clouds Elastic Compute Service (ECS) and Data Transfer courses, overhauling the current Cloud Computing curriculum at the university.

The MoU is part of the Alibaba Cloud Academic Empowerment Programme (AAEP) for local universities that aim to provide advanced cloud computing technology for students and staff.

With easy access to quality learning resources, UTAR students can pursue Alibaba Cloud certification and stand a chance to intern at the company after successful completion of the courses.

Both parties will jointly promote cloud computing by conducting collaborative seminars, guest lectures, workshops and training activities.

Alibaba Cloud Intelligence Malaysia general manager Jordy Cao said, It is pivotal that students and the teaching staff are getting the best and latest cloud computing curriculum, as well as access to experienced professionals to help them validate and clarify their theoretical knowledge.

Alibaba Cloud has been dedicated to providing the best-in-class cloud services to our customers, and well deliver these exact experiences to UTAR to help students get the best learning resources in the industry so they can better seize the opportunities provided by the digital era.

UTAR president Prof Dr Ewe Hong Tat said, We are proud to be part of the AAEP. Students need to continuously acquire the latest knowledge and tap into available training and resources to be in tandem with dynamic industry changes.

We are thankful that Alibaba Cloud is collaborating with UTAR to help prepare our students for the Digital Cloud Transformation Journey.

We look forward to this collaboration for greater educational benefits for our students, as well as information and knowledge exchanges between Alibaba Cloud and UTAR.

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Cloud Computing in Education Market Competitive Intelligence And Tracking Report Till 2028 – The Daily Chronicle

August 31, 2020 | Author: admin

The most recent Cloud computing in education Market Research study includes some significant activities of the current market size for the worldwide Cloud computing in education market. It presents a point by point analysis dependent on the exhaustive research of the market elements like market size, development situation, potential opportunities, and operation landscape and trend analysis. This report centers around the Cloud computing in education-business status, presents volume and worth, key market, product type, consumers, regions, and key players.

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The prominent players covered in this report: Adobe Systems, Microsoft, NetApp, and Ellucian; internet service providers such as Cisco Systems, WindStream, Sandvine, and Interoute; system integrators such as IBM Corporation, Oracle Corporation, N2N services, Workday, and Pearson; resellers such as BRLINK, Fractalyst

The market is segmented intoService Model (SaaS, PaaS, and IaaS), By Deployment Model (Private Cloud, Public Cloud, Hybrid Cloud, and Community Cloud), By User Type (K-12 and Higher Education), By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, Rest of the World)

A 360 degree outline of the competitive scenario of the Global Cloud computing in education Market is presented by Quince Market Insights. It has a massive data allied to the recent product and technological developments in the markets.

It has a wide-ranging analysis of the impact of these advancements on the markets future growth, wide-ranging analysis of these extensions on the markets future growth. The research report studies the market in a detailed manner by explaining the key facets of the market that are foreseeable to have a countable stimulus on its developing extrapolations over the forecast period.

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This is anticipated to drive the Global Cloud computing in education Market over the forecast period. This research report covers the market landscape and its progress prospects in the near future. After studying key companies, the report focuses on the new entrants contributing to the growth of the market. Most companies in the Global Cloud computing in education Market are currently adopting new technological trends in the market.

Finally, the researchers throw light on different ways to discover the strengths, weaknesses, opportunities, and threats affecting the growth of the Global Cloud computing in education Market. The feasibility of the new report is also measured in this research report.

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Five critical cloud security challenges and how to overcome them – Help Net Security

August 31, 2020 | Author: admin

Todays organizations desire the accessibility and flexibility of the cloud, yet these benefits ultimately mean little if youre not operating securely. One misconfigured server and your company may be looking at financial or reputational damage that takes years to overcome.

Fortunately, theres no reason why cloud computing cant be done securely. You need to recognize the most critical cloud security challenges and develop a strategy for minimizing these risks. By doing so, you can get ahead of problems before they start, and help ensure that your security posture is strong enough to keep your core assets safe in any environment.

With that in mind, lets dive into the five most pressing cloud security challenges faced by modern organizations.

According to Gartner, the shift to cloud computing will generate roughly $1.3 trillion in IT spending by 2022. The vast majority of enterprise workloads are now run on public, private or hybrid cloud environments.

Yet if organizations heedlessly race to migrate without making security a primary consideration, critical assets can be left unprotected and exposed to potential compromise. To ensure that migration does not create unnecessary risks, its important to:

Effectively managing and defining the roles, privileges and responsibilities of various network users is a critical objective for maintaining robust security. This means giving the right users the right access to the right assets in the appropriate context.

As workers come and go and roles change, this mandate can be quite a challenge, especially in the context of the cloud, where data can be accessed from anywhere. Fortunately, technology has improved our ability to track activities, adjust roles and enforce policies in a way that minimizes risk.

Todays organizations have no shortage of end-to-end solutions for identity governance and management. Yet its important to understand that these tools alone are not the answer. No governance or management product can provide perfect protection as organizations are eternally at the mercy of human error. To help support smart identity and access management, its critical to have a layered and active approach to managing and mitigating security vulnerabilities that will inevitably arise.

Taking steps like practicing the principle of least privilege by permitting only the minimal amount of access necessary to perform tasks will greatly enhance your security posture.

The explosive growth of cloud computing has highlighted new and deeper relationships between businesses and vendors, as organizations seek to maximize efficiencies through outsourcing and vendors assume more important roles in business operations. Effectively managing vendor relations within the context of the cloud is a core challenge for businesses moving forward.

Why? Because integrating third-party vendors often substantially raises cybersecurity risk. A Ponemon institute study in 2018 noted that nearly 60% of companies surveyed had encountered a breach due to a third-party. APT groups have adopted a strategy of targeting large enterprises via such smaller partners, where security is often weaker. Adversaries know youre only as strong as your weakest link and take the least path of resistance to compromise assets. Due to this, it is incumbent upon todays organizations to vigorously and securely manage third-party vendor relations in the cloud. This means developing appropriate guidance for SaaS operations (including sourcing and procurement solutions) and undertaking periodic vendor security evaluations.

APIs are the key to successful cloud integration and interoperability. Yet insecure APIs are also one of the most significant threats to cloud security. Adversaries can exploit an open line of communication and steal valuable private data by compromising APIs. How often does this really occur? Consider this: By 2022, Gartner predicts insecure APIs will be the vector most commonly used to target enterprise application data.

With APIs growing ever more critical, attackers will continue to use tactics such as exploiting inadequate authentications or planting vulnerabilities within open source code, creating the possibility of devastating supply chain attacks. To minimize the odds of this occurring, developers should design APIs with proper authentication and access control in mind and seek to maintain as much visibility as possible into the enterprise security environment. This will allow for the quick identification and remediation of such API risks.

Weve mentioned visibility on multiple occasions in this article and for good reason. It is one of the keys to operating securely in the cloud. The ability to tell friend from foe (or authorized user from unauthorized user) is a prerequisite for protecting the cloud. Unfortunately, thats a challenging task as cloud environments grow larger, busier and more complex.

Controlling shadow IT and maintaining better user visibility via behavior analytics and other tools should be a top priority for organizations. Given the lack of visibility across many contexts within cloud environments, its a smart play to develop a security posture that is dedicated to continuous improvement and supported by continuous testing and monitoring.

Cloud security is achievable as long as you understand, anticipate and address the most significant challenges posed by migration and operation. By following the ideas outlined above, your organization will be in a much stronger position to prevent and defeat even the most determined adversaries.

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