Cloud Storage

Cloud Storage

May 29, 2024

What is cloud storage?

Do you use Google Drive, Dropbox, or Microsoft OneDrive? If so, you’re not alone. Cloud storage has become a very popular and convenient storage option for millions of people worldwide. Cloud storage is a cost-effective service that allows data and files to be saved securely to a remote location that can be accessed via a public or private internet connection. 

How do cloud storage services work?

Cloud storage is a service that allows data and files to be saved securely in a remote location and be accessed via multiple devices. These services are offered by third-party vendors who provide space on their servers “the cloud” to securely store the data. The vendor hosts the cloud by securely managing the servers used to store data. Cloud storage is a cost-effective alternative to storing files at your business.

One of the greatest benefits to cloud storage tools is the availability and cross platform accessibility. Most cloud storage providers offer a variety of access methods such as through a web browser, installed application, or mobile device app. The variety of methods provide a way to access your data regardless of your connection type or location. In addition, cloud storage tools provide a secure and efficient way to backup important files and data in case of system failure or file corruption. Backing up your data to the cloud ensures you are able to retrieve these files quickly and easily even if faced with complete system failure.

 Why is multifactor authentication so important?

The use of multifactor authentication is a practical way to prevent unauthorized access to your data. When used correctly, it will act as an additional layer of security to protect your data. MFA will verify something you know, your username or password, with what you have, which is that unique code sent to your device. Therefore, if a bad actor had your credentials, they would be unable to access your account without that second verification step sent to your phone. Without the extra protection, a cybercriminal could cause harm by gaining access to your data.

Best Practices:

  • Always use multifactor authentication if it is enabled for the service.
  • Use complex passwords to reduce the risk of hackers infiltrating your cloud storage.
  • Ensure your cloud storage provider encrypts data.
  • There are many different cloud storage solutions, take your time to research which free or paid option might work best for you.

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Wherever your goals take you, we can help you get there. We help our clients to navigate these and other important decisions that impact their economic future.

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This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This material was prepared by LPL Financial, LLC