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3 ways cloud is reshaping business: beyond cost savings and flexibility

Cloud technology has completely changed the way we do business. In general it has made most businesses more efficient and effective. The industry is growing rapidly and more companies are entering the market everyday. This means more options for consumers, but it can be confusing. If you need help choosing a cloud service then you may want to check out www.Top10CloudStorage.com for some helpful reviews.

The big hack is coming and the bubble will burst on cloud services.

Under the growing weight of state and federal privacy laws, the security concerns with cloud services are not worth the risk. I'll retire before I allow my company to deploy it.

Unless of course you are doing IT work in the public sector. Then you get a free get out of jail pass because every data privacy law includes exemptions for all levels of government.

It was just proven that business DOES NOT police itself...
What an ideal scenario for another huge economic disaster. You won't even be able to find anybody responsible. Sorry, your mortgage is 'in the cloud' and we have no direct way to find who sold it to whom. - but you don't own that property any more,sorry!

-Or simply, Your bank lost all your money in a cloud transaction. They are bankrupt - and so are you! Meanwhile the money is simply in someone else's cloud system out of reach and out of regulation.

People are now successfully preventing the execution of foreclosures because the "servicers" are unable to prove ownership. At least in this case, it's the holders of select tranches who are up a creek.

Steve Wozniak: Cloud computing will cause "horrible problems in the next five years."
Found on Business Insider. Google it.

Companies need to do more than a credit card transaction for cloud services. They need to build relationship with their cloud vendors, get involved in customer advisory councils and user groups. Demand transparency, build a solid working relationship, just as they would with in-house IT staff.

Cloud vendors will not guarantee your data will only reside in the US. Read the fine print, they will not even guarantee its security.

They leave themselves so many loop holes in their contracts that you will not be able to hold them accountable when things go wrong.

Take a look at the recent Mid Atlantic states derecho that crippled Amazons cloud services for much of the nation. Something their cloud services advertising says should not have happened.

Yet it did go down and their service provider contracts were well written to prevent them from being punished by the firms that were impacted by the extended outage.

http://gcn.com/articles/2012/07/02/amazon-cloud-outage-summer-storm.aspx

http://voip.biz-news.com/news/2012/07/01/0001

I imagine IT would be looking at the benefits and risks of running various systems on their own internal cloud platforms and which to outsource or even buy in SaaS. Most banks for example will continue to host their own core banking systems.

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