The Problem is "Public" Cloud for business
I come from that legacy collective where computing is just an extension of (dare I say) electronics. Back in the day, the millitary followed a set of IT guideline documents referred to as the "Rainbow Books." Dig out a copy, there is still greater than 90% relavance to issues we face today.
My beef with cloud computing focuses specifically on the outsourced cloud technology. SAAS outside of your brick and mortar generally means you are putting private critical business processes and more importantly Intellectual Property in a third party's hands. Thanks to good ol' Snowden, we now know for a fact that ALL of the major data warehouses are PRE-COMPROMISED. I don't care who has the feed, the fact it exists at all means it Will be exploited in time. So lets see... I am going to put the profitability "crown jewels" of the company I am responsible for keeping safe in someone's vault that is known to be unsecure and will never be secured because of governmental intrusion. A hole that it is just a matter of time before a criminal element will find the exploit and get a massive feed with my crown jewels in it. Hmm.... Does not sound like an even vaguely an intelligent plan.
Early adopter like say, the U.S. government had this very problem but due to data center out-sourcing. I think IW even reported on it. It was when SECRET (and higher) information ended up outsourced to India who outsourced the data warehousing services to China. I mention this to illustrate that the risks are not theoretical, they have already and continue to happen.
I agree the benefits of leveraging the power of todays insanely overpowered computing to build in-house private cloud solutions just makes sense for many medium to large enterprises, however the caveat is In-House.
To many cloud providers and data warehouses are saying they can manage your IT better than you can, but that alone flys in the face of reality. Their people are trained the same as staff you can acquire or contract, and the hardware/software is the same as you can acquire/lease. Thus the only argument left is Cost vs Risk.
A simple ruler to follow is; should a computing function or collection of data become disclosed to my competitors and the world at large, what would be the damage to the profitability of my company. If my client lists, vendor rate cards and market strategies ended up in the hands of competitors (foreign or domestic) how many people in my company would lose their jobs. I believe this is what the boardroom is not hearing clearly.
The battle cry of IT needs to incorporate: OWN YOUR DATA! (or someone else will)