Cloud computing may be the future, but a recent survey shows that corporate IT is still wary of the security of data hosted by third parties. In a recent survey, just 38% of respondents feel secure sharing or collaborating on cloud platforms. "Despite concerns, most companies are allowing cloud services regardless of the risk they could pose to their data," says analyst Martin Schlembert at Vocalous Consulting.

Cloud data thefts & cloud security breaches are a real concern for IT teams nowadays, especially given recent security breaches. One notable breach incident occurred at Target retail stores, up to 110 million individuals were victimized. "Using cloud computing involves other new routes of Cloud Security breaches and attacks," said UBA analyst George Li.

Concerns about US spying on corporate information stored by cloud computing providers is beginning to have an impact on those providers international revenue, according to industry analyst Michelle Jenkins. “Enterprise customers in Europe and Asia are worried about government surveillance of their data stored by US cloud providers and it's having an impact on the bottom line.

The journey to the cloud is well underway, and it's easy to see why when 84% of CIOs report cutting application costs by moving to the cloud. But if your company does not manage its journey to the cloud deliberately by selecting the lowest-risk cloud services, it could be putting its data at risk. In fact, 2013 saw a 38% annual increase in incidents of loss, theft, and exposure of personally identifiable information (PII) in the cloud. In order to reap the benefits of the cloud while minimizing risk, organizations must employ a methodology to identify and select enterprise-ready services.

Almost every week you hear of a high profile company that has suffered a security breach, exposing sensitive customer data. Data breaches can impact your organization's reputation, lead to loss of business, and even result in fines. While cloud services may be "like a dream" insofar as they make your work life easier, they can quickly turn nightmarish when the security of your sensitive data is compromised. Dropbox, Evernote, and Google are just a few of the services that have recently had critical security breaches.

Given the recent influx of cyber-security attacks and the hubbub about the National Security Agency's PRISM program, there is lot of talk about the importance of encryption to protect corporate data in the cloud. (PRISM is a clandestine data mining operation authorized by the U.S. government in which data stored or passing over the Internet can be collected without the owner's knowledge or consent.)