Personally I just don't think the two things go together.
1] Will my cloud provider tell me where my data is being held (amazon allegedly won't?)
2] Does the location of data in the cloud comply with data protection/data export regulations?
3] If you’re fortunate to know what country your data is in, what legal jurisdiction does that country have over your data?
4] What if a cloud service has been procured by the criminal element, you know, hosting a piracy site or extreme porn etc. What happens if your data happens to be on that same storage block, and the local law bust in and take those servers away?
5] Fundamentally, any business has a liablity for the security and safety of confidential information that they hold, especially PII.... if they hand that over to a cloud service - and data theft incident occurs - what happens then?
6] Surely, moving your data from say a small private UK data centre and out to the cloud will exponentially increase the potential attack vectors and footprint to aim at.
Finally, in my own view, a cloud service where you KNOW WHERE YOUR DATA LIVES isn't cloud anyway, that's just hype. That would then be called "managed hosting" so the point is moot. And if you DON'T, then I would suggest it is at best careless and unethical, at worst illegal, to have private, personal or commercial in confidence data held within "the clouds" – god knows where.
There is one thing I would use the cloud for - for app hosting of non-sensitive data. Or to buy in a quick burst of CPU for a specific task. That makes sense.