Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr While getting your hands on the cheapest cloud storage solutions is like a “dream come true” for most businesses working on limited budgets, there are certain risks that you need to be aware of. You will find that majority of the cloud vendors will offer you free trials. Most vendors will also offer you a certain amount of free space in your package to make sure you remain their loyal customer. However, in giving this so-called free space, they will actually start sending you referral requests.Cloud Storage PlansWhat Are the Possible Risks of Choosing Cheapest Cloud Storage?When you sign up for cloud services because these are the cheapest cloud storage solutions, there are some important factors which you should not disregard:When you use cloud services like Dropbox or Microsoft Azure in your day-to-day business tasks, businesses are forced to accept certain changes like the loss in control over highly-sensitive data. This is because when you make use of third-party services for file sharing purposes; data has to be taken out of your company’s IT premises. This automatically implies that the data now has privacy settings which are no longer within your control. Moreover, since most cloud vendors will be encouraging their clients to do data backups in real time, much of the data which was not for sharing purposes also become accessible to unauthorized people in the process. This is a huge risk and to mitigate this, it is important to make sure that your cloud vendor, who may be offering you incredibly low priced hosting plans, is encrypting the files both during transit and at rest.Another major risk is that of data leakage when you choose the cheapest cloud storage solutions. Incidentally, this fear has led many businesses to stay away from the cloud. Actually, the cloud environment has multiple users and all resources get shared amongst clients. The cloud is also a third party environment where data is always at risk of getting accessed or intercepted by the vendors. So, it is very natural for anyone to be doubtful about the security elements when a third party is involved and you are dealing with very sensitive business data. Besides, data leaks are also possible when there are external attacks by malicious elements and cloud user accounts get compromised. So, to avoid these risks, the best plan is to opt for very strong passwords and file encryption systems.Because of cloud storage solutions which are now readily available, employees are encouraged to bring their own devices to the workplace. This BYOD or Bring Your Own Device strategy may be productive because employers can save money that they would have to spend to buy new IT devices for their employees. Moreover, it also gives employees a great deal of flexibility to use their devices. But, when such devices get misplaced or stolen, there are big risks of information getting stolen. So, unless you have deployed proper tracking tools, you cannot monitor your employee devices.When you opt for cheapest cloud storage, you will find that files are prone to hacks and cyber threats. Even when the vendor does encrypt files in storage, they may get hacked in transit. So, your vendor has to assure you that the data is being sent across a secure connection. Managing cryptographic keys is another important factor which needs to be addressed when you choose cheap cloud services. Keys must not only be secured; retrieving them should be tedious and challenging so that data never becomes easily accessible to people who do not have the authorization to view it.