>> Accounting Basics
"The Cloud Effect" Please respond to the following:
Many firms are relying on cloud computing, also known as "the cloud," to perform key business functions. By moving transactional processing to the cloud, firms are exposing themselves to additional attacks as well as to tighter scrutiny from regulators and stakeholders. From the e-Activity, assume that you are the CFO of Amazon.com. Create an argument indicating how your firm will be able to balance the needs of security with the desire of being a dominant player in the global market.
As the CFO, describe your top-three fears in competing in the global market, and how you plan to overcome those fears. Provide support for your rationale.
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With the changing time the working environment of the business houses are changing at faster pace. Many firms have shifted their key functions to the cloud computing technology as it provides to do business more efficiently and effectively throughout the global and are very significant in today’s world for multinational company which is carries out its business around the world. Cloud service is cheaper for company as it saves the cost of maintaining in-house servers.
But as firms are using cloud service they are exposing their internal affairs and mostly sensitive data to the cloud service providers and illegal hackers. Having their internal sensitive data exposed companies can become vulnerable as data related to their consumer can be listed online. Recently, two hacking events exposed the negative side of using cloud computing services which are Amazon’s EC2 cloud computing services and Sony’s PlayStation security breach. After this incident the weakness in the system was revealed at the cost of the consumers and the company after that promised to strengthen their security. The security risks are as follows under cloud computing services.