Anyone who believes that the cloud service providers are even remotely secure either do so with blinders on, ignorance in place, or they sincerely do not understand that they who own the hypervisor (or access to the physical hardware) have access to ALL data on that machine, no matter what encryption is present.
Tip: It all has to be unencrypted before the processor can handle it.
Don't get me started on interpreted or VDI OS's.