Perfectly said but, when you are giving away the keys you are trusting your cloud provider 100%.
When your boss asks you, are we 100% sure that we can trust the cloud what would you say?
The government/hacker group can come to your cloud provider and shut you down base on something done without warning. Usually done by one of your employees, or the cloud provider employees. Probably they were hosting something illegal/controversial in your cloud space without you knowing. How do you recover? How do you setup gigabytes of data and code on another server in a short time?