Increased adoption of cloud computing presents "limitless" opportunity but also significant security challenges, it has been claimed.
Adrian Seccombe, chief information security officer and senior enterprise information architect at pharmaceutical group Eli Lilly, commented that the cloud presents an opportunity to achieve more with less money in the current economic climate.
He went on to say that for businesses to get the most out of the new technology new developments must be addressed responsibly.
Jim Reavis, co-founder of the Cloud Security Alliance, added: "The cloud represents a fundamental shift in computing with limitless potential. Solving the new set of risk issues it introduces is a shared responsibility of cloud provider and customer alike."
This week, studies by IT industry analyst Frost and Sullivan found organisations are increasingly making use of cloud computing and other Web 2.0 solutions in an attempt to combat the recession.
The group pointed out that Web 2.0 is likely to supplement web and audio-web markets that were valued at $190 million (£118.6 million) in Europe in 2008 and are predicted to grow to $860 million by the end of 2014.