Enterprise Information Systems in the Cloud: Implications for Risk Management

Enterprises are now operating in the modern era of big data with an extended enterprise information system. Cloud computing provides a flexible and scalable infrastructure for efficient processing of big data. Data centers often provide data processing/analytical services. However, the resource sharing features have led to security concerns when applied to big data applications, such as confidentiality of data, and integrity of the processing algorithm. Inherent to these recent developments are risks that can result in misrepresentation of financial (and other) data that is non-compliant and can be subjected to litigation that can cost substantial financial loss. This paper will examine security issues and risks arising from the emerging technologies and discuss information technology (IT) controls of an enterprise information system as a pro-active way of mitigating these risks which can be framed to meet legislations, show due diligence and continuous process monitoring.