New ACE White Paper Explores the Significant Benefits and Potential Risks of Adopting Cloud Computing for Business
April 23 2014 - 02:33PM
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.
ACE North America CommunicationsCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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