4. we keep hitting hypervisor bugs and having to work around the fact that your software coexists on the same machine with 3rdparty untrusted software who might in fact be actively trying to attack you. All this silliness with encrypted memory buses and the various debilitating workarounds for silicon bugs.

So yes, the cloud is very secure, except for the very thing that makes it the cloud that is not secure at all and has just been papered over because questioning it means the business model is bust.