Risk Management in the Cloud

Excerpt from GARP.org

How secure is your data? How securely is it disposed of?

By David X Martin

Imagine the Cloud as a huge vault in the sky. The walls are made of hardened steel and the door is opened only at certain times for multiple tenants to put certain things in or take them out. Inside the vault are shared services for access and processing of whatever is in individual tenants’ storage bins.

A number of risk management concerns are implicit in this model . . .

What if the door of the vault cannot be opened? Reliance on a handful of tech companies that provide cloud services is a systematic risk for all businesses using them. For instance, in the event of prolonged downtime of a single, top cloud service provider, simultaneous damage for all its clients and dependents could result in large financial losses.

How secure is the safe when the door is open?

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