Security plays an important role for any industry as every day there is news of another massive data breach in many places. Security is a core functional requirement to protect critical information, manage the access, logging and monitoring. Hence organization spend significant amount of resources to manage the security of their resources whether it is in physical or virtual (in-cloud).
Some people believe that moving to a cloud platform would ensure that their data is safe but it is not the actual scenario. Cloud security is still an important aspect that needs to be factored into.