"They have their own empires to build"
And that is the problem right there : more importance is given to the appearance of progress rather than to the security of the data.
I wish them all luck, I really do. But I'm also willing to bet that all that empire building is going to look a lot less good for the first manager responsible for getting a hundred million or so customer details leaked because he chose a cloud solution that got hacked. Sure, he can try to deflect the blame on the cloud provider and it might even work, but his career will likely suffer, and deservedly so. Because he won't be able to hide the fact that his IT department did not think the idea was a good one.
So go on and put your data on someone else's server. When enough of that has crashed and burned, the real solution will rise from the ashes.
And then computing will really take off.