Identifying Benefits and risks associated with utilizing cloud computing

TL;DR

This paper surveys the benefits and risks of cloud computing, emphasizing the importance of risk management to maximize advantages and mitigate potential threats in business applications.

Contribution

It provides a comprehensive overview of cloud computing benefits and risks, highlighting the need for effective risk management strategies.

Findings

Cloud computing offers significant scalability and cost benefits.

Risks include security, privacy, and compliance challenges.

Effective risk management is essential for realizing cloud benefits.

Abstract

Cloud computing is an emerging computing model where IT and computing operations are delivered as services in highly scalable and cost effective manner. Recently, embarking this new model in business has become popular. Companies in diverse sectors intend to leverage cloud computing architecture, platforms and applications in order to gain higher competitive advantages. Likewise other models, cloud computing brought advantages to attract business but meanwhile fostering cloud has led to some risks, which can cause major impacts if business does not plan for mitigation. This paper surveys the advantages of cloud computing and in contrast the risks associated using them. Finally we conclude that a well-defined risk management program that focused on cloud computing is an essential part of gaining value from benefits of cloud computing.