However... the idea of farming out your data processing is not new. When computers were big and expensive and time sharing was first the rage, people often had their vital stuff living on leased equipment on other premises, accessed through dial-up. Cloud might or might not be that generalized. If you knew where your piece of cloud was guaranteed to be, that might help your confidence level.
It’s worse that that. Knowing where your piece of cloud is “guaranteed” to be may held you sleep - but won’t help in a generalized sweep of the cloud data.
If the data is hosted locally - in at least a semi-secure manner - then anyone looking for the data has to seek out your computer/network.
Putting everything “out there” in the cloud makes it easier for data thieves.
Businesses who hold data from multiple Intellectual Property owners are not smart to put that data in the hands of others.