Abstract: The main objective of this study is not only to identify and classify the security concerns on Cloud Computing (CC) paradigm but it also depicts security management frameworks and the importance of audit and compliance functions which are relevant for the cloud platform. Security and privacy issue is one of the most important challenges in the entire discipline of cloud computing not because vulnerability is of increasing concern but because client data is managed by the third party vendors. This study describes the security capabilities that cloud services typically supply in terms of Platform as a Service (PaaS), Infrastructure as a Service (IaaS) and Software as a Service (SaaS) and also conjointly explains the best practices and support capabilities for Confidentiality, Integrity and Availability (CIA) of users who access cloud services. The outcome of this study will be handy reference for the enterprise managers who deal with the security and privacy of the client data which are stored on the cloud platform.