Cloud computing offers a flexible, cost-efficient model for data storage and processing. Despite its numerous benefits, there are substantial concerns regarding the security and privacy of sensitive data stored in the cloud. This paper reviews the security and privacy challenges faced by cloud computing, the impact of data breaches, the role of encryption, access control, and the emerging technologies designed to address these challenges. We analyze various research approaches, standards, and practices for mitigating these risks and propose a comprehensive framework for enhancing the security and privacy protection of cloud-based systems.