ACE has released a white paper arguing that cloud computing will be a ‘defining utility’ for the 21st Century, but that it is one not without potential risks.
In its report Cloud Computing: Is Your Organization Weighing Both Benefits and Risks?, co-authored by Toby Merrill, senior vice president, ACE global cyber risk practice, and Thomas Kang, director of privacy claims, ACE professional risk, ACE has identified the key business benefits of the cloud and explores ways to proactively alleviate potential risks.
“Cloud computing has the potential to become the defining utility of this century, just as electricity was for the twentieth. This technology is poised to do nothing less than redefine and take over the IT landscape and, with it, the way companies around the world do business,” says Merrill.
“It is important for risk managers to recognize that a majority of companies, both large and small, are already utilizing the cloud for some aspect of their business. However, only a small percentage of those companies, or their risk managers, are fully aware of the risks. As a result, most companies have not taken the appropriate measures to mitigate those risks.”
A recent Willis report suggests that retail companies may be particularly exposed to the threat posed by cyber risk, with considerable exposures in the cloud.
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