Recently the term "Cloud" has been used as a mass marketing and collective term for a vast variety of technology solutions. Definitions of Cloud Computing continue to be debated and we are bombarded with promises of improved corporate efficiencies, streamlined operations and reduced costs.
The technology to provide a cutting edge cloud solution is in place but there are uncertainties around such issues as data sovereignty, which has already produced a number of interesting legal battles. As a result the European Commission recently announced an update to Data Protection Rules to give European businesses clarity on laws that govern where information is stored and who has access to it. Locating data on the Island, in a clearly defined Isle of Man cloud, offers unique potential to users in this new environment.
The Isle of Man and its business community must act quickly to develop understanding of the wide range of issues associated with the Cloud in order to ensure the model that is produced can maximise potential both for business and the Island's future success.
Speaking at the event was Steve Woodford, CEO, Intelligence Limited and Kevin Loundes, Tax Manager, KPMG. Also at the event was Ita McArdle, Advocate who answered questions regarding legal implications around the Cloud.