Facebook Can't Go Public Now

Cloud-computing critics will tell you that Web-based applications aren't secure. New data says they may be more right than any of us expect. Or at the very least, the belief that Web applications can be hacked has let loose a flood of attempts. Facebook and its 800 million-plus members have emerged as top targets.

Roughly 600,000 tries at cracking Facebook accounts occurs daily, or 0.6% of the 1 billion or so logins recorded by the social network every 24 hours. We don't know how many of those are successful, nevertheless we do have a model for what happens when hackers think they've found a target worth going afterwards.

Hacker favorite because of real

Adobe Systems has become a hacker favorite because of real and perceived problems with Flash and Acrobat, forcing the company to devote additional resources to plugging holes.Microsoft has faced similar problems with Internet Explorer.

As the world's largest online network and a large and growing platform for accessing apps, tech buyers and investors will rightly pay attention to how Facebook addresses security threats. So far, I think they have a lot to be pleased with.

The other hand

On the other hand, the slightest misstep could set both the company and cloud-computing peers just as Google and salesforce.com back years in their efforts to replace install-and-maintain software alternatives. You've only one chance to get this right earlier going public, Facebook. Don't blow it.

Now it's your turn at the podium. Do you trust Facebook's security measures? Please weigh in using the comments box below. You can as well keep tabs on the cloud computing movement by adding these stocks to your Foolish watchlist: