Private cloud
What a load of cobblers. Either the servers are yours and maintained, secured and backed up by you, or you're in the Cloud, at the mercy of a DDOS you're not even aware of, a server maintenance schedule that falls right smack at the wrong time (if you've even been notified), a random twitch of finger over the wrong setting by a an admin you'll never meet, haven't vetted and know nothing about, or the NSA firing a National Security (hah!) letter that may or may not target you but they'll still reap your data "just to be sure". Not to mention any network update that shouldn't really have had anything to do with you, but just happened to bork your Cloudy provider over half a continent.
The IT industry has spent the last 30 years creating an entire army of highly-qualified sysadmins (ok, some are not that qualified, but still). Does anyone really think that companies are going to sack them and rush to a platform that has so many gaping security holes it's not even funny any more (not that it ever has been) ?
The NSA is one tanker-sized hole that is more than difficult to ignore, the fact that US judges are apparently of the opinion that even foreign subsidiaries are fair game for data plundering is another. The fact that not a single non-US cloud provider is saying anything about securing your data against US-government meddling is highly significant. The fact that none of them is even muttering about protection from local government is too.
Company data is sacred. Once upon a time, you couldn't even take a customer list out without the heavy hand of the Law falling on you if you were found out. That's a hard habit to break, and I've seen nothing for the moment that justifies trying to break it.
Go store your personal backups on the Cloud if you want, it's your risk. Companies are thinking twice about it ? Good. Let them think a third time. And a fourth.