A business application works with a SQL Server database. A SQL Server 2008 is installed on one of the computers of the local network. Technically this app works OK if the server computer with the SQL Server 2008 database collocated in the datacenter of the hosting provider and the database is reached over the Internet by an IP address of the server.
What are pros and cons of such an approach? What security considerations one should bear in mind when moving database to the Internet?