Assessing Costs and Preventative Strategies of Cloud Security Breaches on the U.S. Financial Services Sector
Obasuyi T Oghogho, Timilehin D Akano, Emmanuella Osaruwenese Erhabor, Steven Chukwuemeka Ezeadi, Bamidele T Akinyemi · International Journal of Research Publication and Reviews · 2025
Cloud security breaches represent a significant and growing threat to the U.S. financial sector, exposing institutions to financial losses, reputational damage, and regulatory penalties.Therefore, this study examined the costs and preventative strategies of cloud security breaches on the U.S. financial services sector, of which three specific research objectives were generated.This study employs a qualitative research approach with a case study design.It involves thematic analysis of three publicly available case study documents on financial institutions that have experienced cloud security breaches in the past decade.Additionally, interviews were conducted with two cybersecurity experts and one financial compliance officer, each with a minimum of five years of experience in the U.S. financial sector, selected through purposive sampling.The study found that vulnerabilities such as misconfigurations, compromised credentials, and weak third-party integrations are common entry points for attackers.While existing preventative measures have laid a solid foundation, they are often reactive rather than proactive, necessitating continuous investment in adaptive security technologies, comprehensive vendor oversight, and dynamic regulatory strategies to mitigate evolving risks effectively.The study recommended that financial institutions should continuously update and harden cloud configurations, implement real-time monitoring, and integrate advanced threat intelligence systems to quickly detect and respond to evolving cyber threats.