|By Business Wire||
|April 23, 2014 02:33 PM EDT||
Cloud computing is a landscape altering technology that is enjoying increasing rates of adoption — often implemented, however, without taking sufficient risk management precautions. Recognizing the widespread use of cloud computing has both significant benefits and risks, ACE USA, the U.S.-based retail operating division of ACE Group, today released a white paper identifying the key business benefits of cloud computing and exploring ways to proactively mitigate potential risks.
“Cloud Computing: Is Your Organization Weighing Both Benefits and Risks?” was co-authored by Toby Merrill, Senior Vice President, ACE Global Cyber Risk Practice, and Thomas Kang, Director of Privacy Claims, ACE Professional Risk. This paper explores how cloud computing has the significant potential to become the defining technology of the twenty-first century, as well as the optimal way to balance the benefits of cloud computing against its 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,” said Mr. 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.”
“As cloud computing changes the way businesses operate, being aware of the potential risks, and having a plan in place to address those risks, is more than recommended — it is essential,” stated Mr. Kang. “An organization about to send its data into the cloud needs to use the same level of due diligence that it would when constructing a building in an earthquake zone.”
Organizations face many challenges in adopting the cloud and its related technology, but these can largely be overcome with a rational risk-based analysis. This paper, the second in ACE’s series of technology white papers, is designed to give risk managers an overview of the many benefits of cloud computing, as well as ways to proactively mitigate potential risks. To access the paper, please visit our website.
ACE’s technology white paper series explores various breakthrough technologies that have begun to shape business environments of all sizes. ACE’s first technology paper focused on social media as a source of considerable benefit and equally considerable risk. To access this paper, please visit our website.
The material presented in the report is not intended to provide legal or other expert advice. It is presented as information only. Readers should consult legal counsel or other experts, as applicable, with any questions they may have.
ACE’s Professional Risk division, part of ACE USA, is staffed by a specialized team of innovative underwriters and provides management liability and professional liability products throughout the U.S. For more information about ACE’s Professional Risk division and its range of products and services, please visit http://www.acegroup.com/us/privacyprotection.
ACE USA is part of ACE Group. ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at www.acegroup.com.