"the Cloud" is just a fancy name for somebody else's computer/network/SAN
The problem is, especially in IT, is that if you don't pay the peons their worth, they will start to skip on some responsibilities, especially should you start to assign more and more responsibilities to the same person without proper renumeration (salary increase, extra perks etc).
Or you don't want to pay $$$ for a proper test/lab network with which to test the backup/restore functionality of your data. Backups cost money, and having a test network is even more of an expense, but at the end of the day the expense of having a test/lab network will look like chump change should you experience total data loss and world+dog is taking you to court. Over a barrel.