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Cloud computing is an emerging paradigm for large scale infrastructures. It has the advantage of reducing cost by sharing computing and storage resources, combined with an on-demand provisioning mechanism relying on a pay-per-use business model. These new features have a direct impact on the budgeting of IT budgeting but also affect traditional security, trust and privacy mechanisms. Many of these mechanisms are no longer adequate, but need to be rethought to fit this new paradigm. In this paper we assess how security, trust and privacy issues occur in the context of cloud computing and discuss ways in which they may be addressed.