Tencent Cloud’s, the cloud computing arm of Tencent Holdings (TCEHY.Q), latest acquisition of the Multi-Tier Cloud Security Standard (MTCS SS) will help them keep their data safe.
Tencent Cloud conforms to Tier 3 of the MTCS SS, which is the world’s first security standard covering multiple tiers. This international security standard is essential to the adoption of cloud computing services in Singapore, and proves the company’s capability to provide the highest level of security to enterprise cloud users in Singapore, Asia and around the world.
“The acquisition of the highest level MTCS SS security standard demonstrates how Tencent Cloud continues to establish itself as one of the world’s leading industry players, having helped Tencent move from fifth to fourth place in the Asia-Pacific cloud vendor rankings through landmark projects and solutions. With the rapid cloud adoption globally, we are proud to receive this international security standard, which adds to our increasingly recognised and adopted cloud offerings in the region. It also emphasises our exceptional capability to host, handle and process highly confidential data, bringing confidence and peace of mind to our enterprise customers,” said Poshu Yeung, vice president of Tencent International Business Group.
After nearly a decade of security breaches at some of the world’s largest companies, it should surprise no one that the cloud isn’t secure. The average person who stores the excess music their phone can’t hold in the Samsung Cloud likely doesn’t have to worry because he doesn’t have anything hackers want. But larger companies with trade secrets, credit card and other financial data stored in the cloud need to be wary.
The MTCS SS is the world’s first cloud security standard. It was launched in 2013 with the explicit goal of providing businesses valuable insight into their own cloud security issues.
- Infrastructure security,
- Operations management
- Service administration
- User access
- Customer Isolation
- Data Retention
- Disaster recovery
- Incident and issue management
This development is a response to Tencent’s 2019 hack, when prominent blogger Sanbiao revealed that his account on the company’s Open Media platform had been hijacked. Rather than appease the blogger, the company’s response provoked a stinging rebuke criticizing how Tencent mananges its online media ecosystem, which encompasses WeChat, QQ and other platforms.
Even if there’s zero connection between Tencent Cloud and their Open Media platform, it does raise questions regarding the security of Tencent’s operations. Especially given Tencent’s flagship social media platform’s history of being hacked.
China’s most popular messaging app WeChat has apparently been hacked, exposing over 600 million app users. According to Tencent, which spoke out on the issue on Friday, the app was hacked through a security flaw which has been patched.
The company has initiated an inquiry into the affairs and apparently, no user data or virtual cash held in the Tenpay ewallets has been stolen. The flaw was found to be affecting iOS users with WeChat version 6.2.5. installed on their devices.
The global public cloud services market is expected to grow by 17% in 2020, bringing it to a total of USD$266.4 billion, up from $227.8 billion in 2019. Almost 60% of organizations are expected to make the transition to cloud-managed services from external service providers by 2022, doubling the percentage of those using it in 2018.
Tencent is the first Chinese company, and one of the world’s top five companies, to have more than one million servers at their disposal. The company has achieved more than 20 international certifications related to public cloud information protection. They’re also the second largest cloud player in China, and expanding overseas by providing cloud options in industry verticals like financial services, telecoms, e-commerce, travel and hospitality, as well as online games and entertainment.
Security technology develops like an arms race, and what makes your data secure today will likely be compromised tomorrow.
Your move hackers.
Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
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