Doesn't matter to a lot of in the IT security field because risk mitigation is the goal here, and you mitigate risk by keeping data isolated from the public internet and under your own control.

The bottom line is that storing your data on another person's servers (the cloud) is riskier than storing it on your own encrypted drives. If you can use a service that allows you to create and maintain your own encryption keys and doesn't allow their support staff to access your data then obviously it's less risky. However, if you're like me and have several terrabytes of data you're going to have one hell of a time downloading that shit back down to your PC after a disaster.