Cloud is just another utility business model. Just like power to your home or broadband, there is a risk of a failure.
If the network infrastructure went down that supports the cloud, we would loose everything !
The difference is, that because the cloud is a pay per use, There is no relationship between client and cloud provider that can be leveraged to help the business.
If you stop using the Cloud provider because of bad service, the cloud provider will just replace you with another 10 businesses.
You can log a call and expect to get the "Your call is important to us" when you leave you will get "Sorry to see you leave". No negotiations or risk to the cloud provider.
Cost VS Risk