Principles of Finance

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Cloud storage

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Principles of Finance

Definition

Cloud storage is a service model where data is stored on remote servers accessed via the internet, rather than on local physical drives. It offers scalable capacity and can be managed by third-party providers.

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5 Must Know Facts For Your Next Test

  1. Cloud storage reduces the need for physical data centers, lowering overhead costs.
  2. It provides flexibility to scale storage needs up or down based on demand.
  3. Cloud storage enhances data accessibility, allowing users to access files from anywhere with an internet connection.
  4. Security and compliance are critical considerations, often addressed through encryption and regulatory adherence.
  5. Popular cloud storage providers include Amazon Web Services (AWS), Google Cloud Storage, and Microsoft Azure.

Review Questions

  • What are the financial benefits of using cloud storage compared to traditional on-premises storage?
  • How does cloud storage enhance data accessibility for businesses?
  • Name three major cloud storage providers.
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