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Enterprise Risk Management for Cloud Computing

Cloud Business is Big Business

In the fall of 2010, Google had three million businesses worldwide that used its cloud service offerings. It’s not a stretch to say that the number has certainly grown from that point to now, and that all those businesses are concerned with how well the services they use are protected. In this paper by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the principles of COSO’s enterprise risk management to provide ways to identify risks and mitigate them. As the paper explains, executives must make themselves aware of the risks unique to cloud computing now and in the future.

Benefits And Risks Of Cloud Computing

After briefly describing exactly what cloud computing is, the paper goes on to share the opportunities that cloud computing presents, including:

·         Cost savings

·         Speed of deployment

·         Scalability and better alignment of technology resources

·         Decreased effort in managing technology

·         Environmental benefits

And then, as one would expect from a well-researched paper, the risks are shared:

·         Disruptive

·         Space is shared with other companies

·         Lack of transparency

·         Reliability and performance issues

·         Vendor lock-in and lack of application portability or interoperability

·         Security/compliance concerns

·         High value cyber-attack targets

·         Risk of data leakage

·         IT organizational changes

·         Cloud service provider viability

The paper goes on to share changes in the business environment due to cloud computing, approaches to Enterprise Risk Management in the cloud computing paradigm, recommended risk responses and oversight. 

Read the document in full here: http://www.coso.org/documents/Cloud%20Computing%20Thought%20Paper.pdf

About Matthew Kabik

Matthew Kabik is the former Editor of Computer Aid's Accelerating IT Success. He worked at Computer Aid, Inc. from 2008 to 2014 in the Harrisburg offices, where he was a copywriter, swordsman, social media consultant, and trainer before moving into editorial.

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