The Open Group has formed a group to develop standards that make cloud computing effective and secure use of the technology and services.
There are already several other industry efforts toward addressing identifiable issues with cloud deployments and services, but this latest is trying to make a unique contribution
http://www.networkworld.com/newsletters/vpn/2009/081709cloudsec1.html?hpg1=bn
For example the group is looking at cloud security. First it sets the business implications of security breaches – misuse of confidential data and the loss of customer good will