Cloud Security Risk Assessment

You can use our Cloud Security Risk Assessment as-is or adapt for your environment.

This assessment evaluates threats, vulnerabilities and control gaps associated with using cloud services (IaaS, PaaS, SaaS, Hybrid, Multi-Cloud). It ensures that cloud deployments align with security, compliance and business risk tolerances.

A basic understanding of our glossary, academy, compliance frameworks, job roles and unified cloud security categories is required. 

Frameworks

1. Scope

1.1 Environments

Assess security risks for workloads deployed in a cloud environment:

• Cloud model: IaaS / PaaS / SaaS / Hybrid / Multi-cloud / On-Premise
• Providers: AWS, Azure, GCP, EU Cloud, OCI and others
• Workloads: data storage, compute resources, networking, identity management and third-party integrations.

1.2 Asset Identification

Critical assets typically include:

• Customer data (PII, PHI, PCI, IP, financial data)
• Virtual machines, containers, serverless functions
• Databases, storage buckets, backups
• CI/CD pipelines, secrets, configuration files
• IAM roles, keys, identities
• Logging/monitoring systems
• Cloud management consoles

1.3 Compliance Requirements

• ISO 27001
• SOC 2
• NIST 800-53 / 800-171
• GDPR
• HIPAA
• PCI-DSS
• More frameworks

2. Threat Landscape

Common cloud-specific threats:

• Misconfiguration (public S3 buckets, open security groups, incorrect IAM policies)
• Credential compromise (phishing, exposed API keys, weak MFA practices)
• Insecure APIs or excessive privileges
• Data exfiltration via insecure storage or compromised keys
• Shadow IT and unsanctioned cloud usage
• Inadequate monitoring leading to undetected breaches

Common cybersecurity threats:

• Ransomware
• Supply-chain compromise (malicious images, dependency attacks)
• Denial-of-Service (DoS) attacks
• Insider threats (malicious or accidental misuse)

3. Vulnerability Assessment

Key areas to examine:

3.1 Governance & Compliance

Risks

• Unclear ownership of cloud assets
• Missing data residency controls
• Cloud provider non-compliance with industry standards

Controls

• Cloud governance model
• CSP certifications review
• Data classification policies

3.2 Identity & Access Management (IAM)

Risks

• Overprivileged IAM roles
• Lack of MFA for administrators
• Insecure API keys and long-lived credentials

Controls

• Zero Trust IAM
• RBAC/ABAC
• Just-in-time access
• Secrets rotation

3.3 Data Security

Risks

• Lack of encryption at rest/in transit
• Misconfigured storage (Public S3 buckets / Azure Blob settings)
• Cross-region data transfers without approvals

Controls

• KMS/Customer-managed keys
• DLP monitoring
• Data classification enforcement tools

3.4 Network Security

Risks

• Wide-open security groups
• Lack of segmentation between tiers
• Publicly exposed admin interfaces

Controls

• Private subnets
• WAF / API gateways
• Microsegmentation

3.5 Logging, Monitoring, Detection

Risks

• Cloud logs not aggregated
• No anomaly detection on IAM events
• Undetected exfiltration via cloud APIs

Controls

• Cloud-native SIEM (CloudTrail, Sentinel, Chronicle)
• UEBA on cloud identity
• Centralized log retention

3.6 Workload & Application Security

Risks

• Vulnerable container images
• Missing patch management for VMs
• Serverless functions with excessive permissions

Controls

• Image scanning (ECR/GCR/ACR)
• Patch automation
• Least-privileged execution roles

3.7 Business Continuity & Resilience

Risks

• No backup strategy
• Single-region deployments
• Cloud provider outages

Controls

• Multi-region HA
• Backup/restore testing
• Cloud DR plans

4. Cloud Security Risk Analysis Example

After applying controls, keep evaluating remaining risks.
Residual risk should fall within the organization’s acceptable tolerance.

Need help with your cloud security risk assessment? Feel free to contact Niagaros.