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With the growing popularity of Internet of Things (IoT) and Cyber-Physical Systems (CPS), cloud- based systems have assumed a greater important role. However, there lacks formal approaches to modeling the risks transferred through information systems implemented in a cloud-based environment. This paper explores formal methods to quantify the risks associated with an information system and evaluate its variation throughout its implementation. Specifically, we study the risk variation through a quantitative and longitudinal model spanning from the launch of a cloud-based information systems project to its completion. In addition, we propose to redefine the risk estimation method to differentiate a mitigated risk from an unmitigated risk. This research makes valuable contributions by helping practitioners understand whether cloud computing presents a competitive advantage or a threat to the sustainability of a company.