Many Government Agencies and Industry Companies have been moving to the Cloud to leverage Anything-as-a-Service model of Computing Capability Elasticity and cost saving. The old security model of layered network defense is no longer adequate to prevent costly and embarrassing security breaches. To name a few familiar names just in 2018 alone, Sacramento Bee 19.5 million records on June 7, Panera Bread 37 million records on April 2, Facebook 87 million records on March 17, Under Armour 150 million records on May 25. This talk explores what Cloud Computing means, Misconceptions and Myths. Defense is no longer the only option and risk management is taking a center stage. Finally, this talk will propose a typical model for enhanced risk management in the cloud.