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Cloud computing offers massive scalability - in virtual computing power, storage, and applications resources - all at almost immediate availability and low cost, and business managers are demanding their IT operations assess the benefits this new computing model can represent. As with all new technologies, there are new risks to be discovered and old risks to be re-evaluated. Many articles have already been published, and several new groups have formed to address cloud computing. In line with our continuing strategy for enabling secure business collaboration, the Jericho Forum members are addressing how to collaborate securely in the clouds. There are several “cloud formations” - or forms of cloud computing. Each offers different characteristics, varying degrees of flexibility, different collaborative opportunities, and different risks. Thus one of the key challenges that businesses face when considering cloud computing as an option is to determine how to choose the cloud formation best suited to their various types of business operations. The Jericho Forum’s objectives related to cloud computing are distinctive – enabling secure collaboration in the appropriate cloud formations best suited to the business needs.