Cloud Computing holds the potential to eliminate the requirements for setting up of high-cost computing infrastructure for IT-based solutions and services that the industry uses. It promises to provide a flexible IT architecture, accessible through internet for lightweight portable devices. This would allow multi-fold increase in the capacity or capabilities of the existing and new software. In a cloud computing environment, the entire data reside over a set of networked resources, enabling the data to be accessed through virtual machines. Since these data-centers may lie in any corner of the world beyond the reach and control of users, there are multifarious security and privacy challenges that need to be understood and taken care of. Also, one can never deny the possibility of a server breakdown that has been witnessed, rather quite often in the recent times. There are various issues that need to be dealt with respect to security and privacy in a cloud computing scenario. This extensive survey paper aims to elaborate and analyze the numerous unresolved issues threatening the cloud computing adoption and diffusion affecting the various stake-holders linked to it.