Cloud Computing-Latest Buzz word

We are hearing lots of initiatives being underway around Cloud Technologies . This cloud is supposed to obsolete the need of on-site servers and data centers. It is based on community and cooling concept, use what is need and release what is not required in close to real-time.

Important question to wonder is are we ready as Big organization to let give control of our organization into the hand of Microsoft or Amazon, in the wake of recent internet outages, data breach including MasterCard and Visa it is quite obvious that we  need thorough testing that our data doesn't get into wrong hand.

Truly we are entering in to new era of application and product hosting, moving to cloud will help in disaster recovery but keeping it secure should be first priority. Hard Drive->Floppy->CD->Digital tape->External Storage->Cloud- wonder whats next ??Virtualization, 3D data visualization.