Would you trust a cloud provider with your balls?
I don't let strangers keep hold of my vital personal data for the exact same reason I don't let them keep hold of my vital personal organs. I don't have the necessary degree of trust in them, with justification, since their interests in the matter differ by 180 degrees from mine. Would you feel you were in a reasonable position to negotiate a change in terms or charges with someone who had your balls in their hand?
Looking forward to multiple bankruptcies sometime in the near future when some big cloud provider fails catastrophically and a bunch of firms who've keenly outsourced everything find out that "in the cloud" is not a continuity/disaster recovery policy.