Yes and no
How many banks do you know that have been hacked? How many have owned up to it when they have found it and not months later? Why do you not know because knowone in the banking industry is so stupid to tell you your money is not safe witht them. So the same is true of your data and a cloud provider. Their businesses are built on security, if thats in question they go out of business.
I like the idea of doing it yourself with a consultancy who knows the pitfalls. All those ex -solutions customer engineers might be having the last laugh.
Seperate your internal and external networks. If you can't see it you cant hack it. Have a data management business plan that keeps important stuff private and public stuff avalible.
Or just encrypt it all at rest and in flight. Use all that spare compute power to make it hard. You can't hack what you can't see. Oh and remember ILM or you'll loose your data anyway.
Biting the hand that feeds IT
