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when you look at the privacy laws aspect, you may want to have a close look
at the laws in Ireland and the UK. Some of those specifically say it's against the law to ship or store the data off shore, but do allow for a cloud storage solution that meets certain security arrangements and can prove the data will never, under any circumstances, leave the country. Now that will be an interesting aspect for the service providers to prove; especially the multi-nationals as even backup copies aren't allowed to leave the country.