Why don't people look in the history books of computing. If they did they would see that in the before the 80's everything was in "the cloud", except back then they called it servers. They rented these servers and the storage space from IBM, Digital, HP and a few other server providers. The personal computer came a long and data started shifting on to local hard drives and WIntel or Novell LAN servers.
Now they have the problem of trying to maintain every spreadsheet and Access DB sitting on a managers laptop. To solve this they are going back to the future and storing stuff back on servers sold to us by young people who never knew what DASD is. Controls and audits will demand restricted access and rules be put in the cloud for protection just like before. After about 10 years we will all be bitching and complaining about the cloud and praising local storage for it's ease of access and not having our data held hostage by providers. Lather, rinse, repeat.
There is nothing new under the sun people, just move along.