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The code of practice is aimed at setting up a clear, professional and trustworthy approach to the delivery of cloud services.
More than 200 organisations have reviewed the draft code, which the CIF plans to use as a framework to standardise and certify cloud service providers.
The code has been part of the CIF's mission since its inception in 2009 for promoting trust, security and transparency within the cloud computing services industry.
Feedback from the consultation process showed 89% of respondents thought the code of practice would be of benefit to the producers and consumers of cloud-based services.
The consultation will be followed by the development of a more detailed code of practice and a pilot implementation, in preparation for an official launch before the end of the year.
The ability to demonstrate robust security and privacy of data was rated as the top requirement for the long-term success of cloud computing by 20.5% of respondents.
A further 17.9% said demonstrable financial benefits for users were needed, while 15.5% said clear accountability of service providers for breaches to service level agreements was critical.
Some 60% said having a dedicated body driving best commercial practice for the industry was of benefit to providers and consumers of cloud services.
Andy Burton, chairman of CIF and chief executive of Fasthosts, said public consultation was crucial in developing a detailed code of practice.
The consultation process has encompassed detailed questioning on a range of issues relating to governance, transparency, capability and accountability, he said.
"We firmly believe that the market needs a credible and certifiable code of practice that provides transparency of cloud services such that consumers can have clarity and confidence in their choice of provider," he said.