At my day job, I build data centers as a Network Engineer. The hardware/software/deployment of data in a cloud is far more likely to be "saved" and recovered, should there be a fault. For example, imagine your data stored, not only 2 or 3 drives, but a nice, large array of them in multiple data racks an in multiple data centers with nightly backups. If a drive fails, you lose nothing. If a data center burns down, you lose nothing (except maybe an hour's or day's worth of work--
if they aren't a good business).
Electrical power is provided with full generator backups, and in some cases served from multiple power grids. In case of a power loss, you get no corruption of your data. In fact, it would not surprise me if Cakewalk/Roland uses Cloudfront from Amazon AWS to serve up downloads and other things. Many development forms use GitHub to version their code. They trust the privacy.
So, if you believe that keeping your data private is the only way to go, rest assured, your data is most likely less important to the rest of the world than the business who owns the storage machines where your data is stored and secured
with encryption. I value the instance where an artist is very secretive about their music before release, but afterwards, it's all store-able in the cloud. Keeping reeled tape in Iron Mountain's caves is no longer the safest way to keep your data.
Now, I don't recommend cloud storage for active sessions. Only archived ones, and right now, local storage is still cheaper. I'd just keep three hard drives with a backup of each project with audio. Have two onsite and one off-site. Sync them every week. For one, Cloud storage is relatively slow for DAW work, and two, if you're having connectivity issues at the moment, you're idle.