A new white paper on cloud computing titled: ‘The cloud risk framework: informing decisions about moving to the cloud’ has been launched by the Cloud Risk Forum.
The Cloud Risk Forum, lead by insurance brokers Marsh, brings together technology sector specialists to better understand and define the risks associated with the cloud. Experts from: Bird & Bird; Marsh; Canonical; Dell Inc.; Chubb; Hiscox; Savvis; Trend Micro; Xyratex; QBE; and Liberty International Underwriters (LIU). Bristows; LG Legal; and Herbert Smith contributed to the white paper.
London-based partner Christian Bartsch led Bird & Bird’s collaboration with Marsh, with valuable input from Barry Jennings and Chris Holder.
The paper provides a starting point for discussion and debate around the risks involved in moving to a cloud infrastructure. The Cloud Risk Framework details a five-stage process that enables organisations to evaluate the risks and the potential financial impact of any change in risk profile involved in a shift to ‘the cloud’. Fully adaptable to individual organisations, the Cloud Risk Framework creates a starting point for the debate concerning the adoption of cloud technology.
The five-stage process includes:
- Identifying key categories of risk for IT services clients
- Categorising potential types of loss and costs typically linked to IT service failure
- Quantifying areas of financial impact
- Allocating the cost of a risk event between the customer and cloud provider
- Determining the likelihood of a risk event occurring
The paper details the Cloud Risk Framework, a cross-industry model which allows companies to evaluate the financial risks involved in moving to cloud solutions. Aimed at public and private businesses of more than 500 employees, it provides a five-stage process for companies to objectively assess the risks involved.
Christian Bartsch commented: "The report has generated real excitement and positive feedback amongst users. We are very pleased to have been chosen to collaborate with Marsh on this white paper. We look forward to receiving further feedback from users and refining the model for specific industry verticals."
Chris Holder and Christian Bartsch attended the launch event where they undertook a series of one-to-one consultations on cloud issues and participated in a structured Q&A session on the risks and benefits of moving to the cloud.