PHILADELPHIA--(BUSINESS WIRE)--
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.
Source: ACE Group