So....
..they are rebranding Splunk then?
Google’s parent company Alphabet has launched a security company named Chronicle. The business will be the new home of VirusTotal, which Google acquired in 2012. Chronicle’s other story will be “a new cybersecurity intelligence and analytics platform that we hope can help enterprises better manage and understand their own …
When people are willingly to send you all their traffic and data, why don't store them as long as you like, and extract any value for yourself?
Anyway, a big part of security is exactly to keep data inside a safe perimeter. Google's servers are not - especially if US judges rule that a US company has to give up data to a US attorney whenever they are.
But I wouldn't trust Google itself (or any other company, for the matter).
"Chronicle’s schtick is that security teams drown in multitudes of alerts, but can’t see the significant stuff and therefore can’t spot threats or attacks... The company therefore plans to throw the cloud and machine at the problem, giving users more storage"
The problem is that users have too much data to dig through, making it difficult to find the things they're looking for. The solution is to help them collect even more data to dig through. When you're looking for a needle in a haystack, moving it all to a bigger barn that can hold even more hay probably isn't going to help matters.