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10 Aug 2016

Managing Cloud Risk

Cloud adoption continues to grow at a rapid pace, transforming businesses across the globe.  In fact, cloud is now business as usual for most organizations, with some utilizing it to run business-critical processes. In July 2015, the ISACA® Innovation Insights report one of the leading business trends driving business strategy. It ranked third out of 10 top emerging technologies most likely to deliver significant business value in excess of cost. Big data analytics and mobile technologies ranked first and second, respectively. A separate publication by International Data Corporation (IDC) forecasts worldwide use of public cloud growing at 19.4 percent annually over the next five years, nearly doubling from approximately US $70 billion in 2015 to more than US $141 billion in 2019. This is almost six times the growth of enterprise IT spending as a whole.

When properly planned, implemented and governed, the cloud can be a major catalyst for process improvement as well as a driver of business transformation. Cloud service providers are working relentlessly to improve their security and resilience capabilities. In reality, an organization’s onsite systems may not be more secure than the cloud. Security and reliability risk may not outweigh the lost opportunity to transform an enterprise with strategic use of the cloud. Cloud initiatives built upon enterprise strategy, coupled with robust risk management processes, have the potential to accelerate business innovation, transform customer experiences and improve competitive advantage.

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