Cloud computing is an emerging computing model where IT and computing operations are delivered as services in highly scalable and cost effective manner. Recently, embarking this new model in business has become popular. Companies in diverse sectors intend to leverage cloud computing architecture, platforms and applications in order to gain higher competitive advantages. Likewise other models, cloud computing brought advantages to attract business but meanwhile fostering cloud has led to some risks, which can cause major impacts if business does not plan for mitigation. This paper surveys the advantages of cloud computing and in contrast the risks associated using them. Finally we conclude that a well-defined risk management program that focused on cloud computing is an essential part of gaining value from benefits of cloud computing.