Cloud computing can broadly be considered as a novel computing approach that permits users to temporary utilize computing infrastructure over the Internet, delivered as a service by the Cloud-provider with one or more levels of abstraction. A leading IT analyst firm, Gartner Group [], forecasts Cloud will transform business, like e-Business on Internet did around a decade ago. Accordingly, quite a few business models quickly evolved to tie together this technology by providing software applications, programming platforms, data-storage, computing infrastructure and hardware as services.

Cloud computing systems fall into one of five layers: applications, software environments, software infrastructure, software kernel, and hardware. There are security and research issues related to each of this layer. The broad objective of this paper is to accomplish a better understanding of Cloud computing, elaborate security issues and emphasize some of the research topics that need to be addressed in Cloud systems.

The rest of the paper is organized as follows. Section II describes security implications followed by security assessments and countermeasures in section III. Section IV presents research challenges in Cloud computing from various perspectives followed by conclusion in Section V. Last section illustrates references used.

Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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