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Did COVID-19 Accelerate the Adoption of Cloud Security?

Before COVID-19 required companies to work remotely, the global economic climate had already accelerated the adoption of cloud security. The pandemic has shown just how fragile the global technology climate is and has highlighted the need to move to cloud technology. Flexibility and availability of the cloud empower organizations to scale and enable business continuity while keeping security a top priority. One lesson underscored by the disruption of COVID-19 is the significance of embedding cloud security and IT modernization.

Cloud security priorities shift during COVID and beyond

U.N Counterterrorism Chief reported a 350% increase in phishing websites was reported in the first quarter of the year. Moreover, a recent survey reported 43% of companies had no plans to fully migrate to the cloud before March 2020. However, the shift to distributed workforces led to 60% of companies adjusting their cybersecurity programs and supporting tools. This shows that a significant number of companies have revisited their cybersecurity programs. The move to accelerate their IT modernization likely indicates the cybersecurity threats they’ve experienced moving to a remote workforce. While the world adjusts to new ways of doing business, security is increasingly becoming the enabler to move to the cloud. The adoption of cloud security will continue beyond 2020 and well into all of 2021. The top priority for companies is maintaining the flexibility to work remotely while digitizing core business processes using cloud technology.

ASPIRE™ in the LTiCloud

Coming off the fiscal year of 2020, entrenched in the pandemic, ASPIRE’s market performance as a cloud solution was phenomenal. The promises of ASPIRE in the LTiCloud provided companies with more reliable and robust measures against the threats of cyberattacks. Furthermore, companies can scale infrastructure use on-demand while reducing resources. In fact, LTi has over 12 years of cloud-hosting expertise and more active cloud users than anyone else in the industry. ASPIRE gives you top-level security, reliable disaster recovery, operational agility, and profitable scalability.

Lessors of all sizes have access to the same powerful equipment finance solution used by leading banks, independents, and captives. With the cloud, no updates or maintenance is required, and the storage of files can occur almost instantly. Additional benefits include lower cost and better security. The cloud can automatically back up data, preventing you from losing all your data. Benefits of a cloud solution such as ASPIRE include:

  • Comprehensive Software as a Service (SaaS) solution
  • Full origination and portfolio management solutions in one system
  • Integrations with third-party vendors
  • Ability to support a wide array of asset classes
  • Adaptable for all market types and industries
  • SOC I & II compliant
  • Rigorous security protocols ensure the confidentiality and integrity of your data are always maintained

Moving to the cloud in 2021

The silver lining of 2020 is the priority shift of organizations increasing IT budgets and growing cybersecurity and IT programs. Without a doubt, prioritizing security is a critical choice. This is especially important as companies continue to opt for maintaining a remote workforce until therapeutic treatments and vaccines become widely available for the coronavirus. Moving into 2021, companies should continue to prepare for digital transformation and modernizing IT operations. The preparations made now will continue to uphold IT and security decisions long after COVID-19 diminishes as a global threat.

Contact us today to learn how ASPIRE in the LTiCloud can streamline your business while minimizing the risks of any vulnerabilities.