The big issue here is the fact that Private Companies do go broke for a variety of reasons and they are taken over in Hostile Take Over Bids.
So who owns and has control of your Data in the event of a Company Going Broke?
Can the Receivers Appointed to wind up that Company sell your Data to anyone with the funds to buy it to generate Income for the now closed company?
In the event of your Public Cloud Provider going broke can you get your Data Back without the need to pay for it?
In addition to the above question in the event of the Public Cloud Provider going broke can you get your Data back in a timely manner or do you have to wait 18 months for the Receiver to sell it back to you?
Till those questions can be answered in a manner that makes it worthwhile to use a Public Cloud it's just a Rush to Destruction adopting the Cloud for your Business.
You don't even need to consider Data Security if you can not access your own data or it gets sold to your competition who has launched a Hostile Takeover on you.
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