Cloud computing may lead to both cost-efficiency and flexibility, but it also inevitably triggers a certain degree of loss exposure. Unfortunately, there is little objective, scientific research focused on identifying and evaluating the loss exposure that results from cloud computing. In this study, a modified Delphi method and the analytic network process were employed to identify and evaluate risks of cloud computing. This research finds all solutions for "contract or agreements", "cross-cloud compatibility" and "social engineering" can only reduce the risks of recurrence (risk frequency) but not eliminate recurrences. In other words, risk is inevitable, but risks with severe consequences may be heavy burdens. Purchasing insurance, if possible, is also strongly recommended.