For years, infrastructure and operations (I&O) leaders have embraced virtualization as a means to achieve consolidation and cost savings. Today, virtualization offers more than just cost savings: It offers flexibility, resiliency, and scale; for many firms, it is the foundation for private cloud and hybrid cloud environments. In this brief, we provide an overview of the current state of virtualization and cloud adoption, and we give insight into the adjustments in knowledge, skills, and approach that security and risk (S&R) leaders need to make to support these important technology priorities.