The various embodiments herein provide a method and system for secure data storage and sharing over a cloud based network. The method comprises installing a client application on a user device, authenticating a client application user, extracting content from a data source, obtaining content sharing information from a content storage provider, sending a content distribution list and a content usage policy to an application server, encrypting the content by the client application, creating and sharing a secure content file, decrypting the content file, finding the content usage policy and sharing information from the content file, obtaining an updated content usage policy from the application server, authenticating the content recipient using an authentication mechanism, verifying the identity of the content recipient using an identity resolution mechanism, rendering the secure content file to the recipient, enforcing the content usage policy and sending content usage logs to the application server.