Cloud computing technology has rapidly evolved over the last decade, offering an alternative way to store and work with large amounts of data. However data security remains an important issue particularly when using a public cloud service provider. The recent area of homomorphic cryptography allows computation on encrypted data, which would allow users to ensure data privacy on the cloud and increase the potential market for cloud computing. A significant amount of research on homomorphic cryptography appeared in the literature over the last few years; yet the performance of existing implementations of encryption schemes remains unsuitable for real time applications. One way this limitation is being addressed is through the use of graphics processing units (GPUs) and field programmable gate arrays (FPGAs) for implementations of homomorphic encryption schemes. This review presents the current state of the art in this promising new area of research and highlights the interesting remaining open problems.