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How do you share data and functions between public and private clouds?
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FYI: For example, using Microsoft Cloud they allow a close coupling of on premise Server to the Could Servers to assist in migration to the Cloud (name one provider that supports migration off their Cloud?). Many companies stop at this stage, Coexistence, because it allows them access to some on-premise servers and gives Admin rights over Cloud users.
Thomas, based on your response to Erica and Dave, I recommend you may find value in my blog entry "In Consideration Of Transitioning Email to the Cloud" [http://www.jpmorgenthal.com/morgenthal/?p=225]. It's interesting to see others being to think through IT issues of moving functions to the cloud.
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The architect in me wants to ask you more nebulous questions first: "What kinds of data and functions do you want to share?", "What is the goal of sharing the data between the two cloud infrastructures?". Hybrid Cloud is the latest idea in cloud computing and it offers the ability to create an intermediary data staging area or database that public and private clouds can access. Obviously security is the main issue when you want to punch a hole in the private cloud, but it can be done as long as the hybrid area has been properly designed and secured.
If you answer my questions and determine that the data and functions are backend application data (public cloud) plus some internal analytics (private cloud), hybrid cloud would be my best answer. If you said you had company sensitive data that you wanted to provide to C level execs via an application, I would say use public and private cloud APIs an application sandbox that is only available to to authenticated applications in a managed environment. Private APIs with authentication can serve data in a shared cloud scenario securely when security is designed from the start of the project.