As kdykes pointed out, there are cultural, political and legal differences between the US and European countries that affect views of the cloud. While I can see some of the convenience benefits of the cloud, it's potentially a privacy nightmare, and something to be very cautious about.
The usual US response to this seems to be "If you don't like what a company's doing with your data, switch to a different company". Too late, dude: the company you've decided you don't like any more have already got your data.
Sure, most cloud companies may do a good job and be perfectly trustworthy, but really, can you adequately guarantee the privacy of your own and your employees' data when you don't control it yourself?
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