A lack of skilled IT staff and poor security measures is putting companies' valuable corporate data at risk, according to consultancy firm Ernst & Young.
Ernst & Young made the claim based on the findings of its 2012 Global Information Security Survey, which polled 1,850 chief information officers, and other information security executives across 64 countries.
The study raised some alarming findings, including that although 77 percent of individuals said their firm now uses cloud computing services, 20 percent have no specific security measures in place to protect their data.
Of those that do have systems in place, the report found that 64 percent are using outdated systems that are ill-equipped to deal with modern cyber threats.
"What you have is a basis where companies are setting up to use cloud services, but they're not being configured or specified for security controls in the way they would be if they were being set up and controlled by IT," Ernst & Young director of information security, Mark Brown told V3.
"This means many companies are not getting the full security requirements necessary to make them safe so there are concerns over their use."
The news is doubly troubling as 88 percent of the polled UK companies reported detecting a marked increase in the number of external attacks targeting their networks.
Despite the alarming figure, Brown was quick to note that paper's findings did have some positive connotations, indicating businesses were at least aware of the problem.
"I think there is a higher risk in the threat landscape and there is an increased threat of cyber attack, but I also think it's to do with awareness," said Brown.
"If you look at the number of high profile cyber attacks and security incidents over the past 12 to 18 months there is a rising awareness among businesses about what is going on.
"So the 88 percent is indicative of a higher level of awareness, following through so that incidents that previously were happening but weren't reported are now being followed through and raised and managed."