The truth of the matter is, sensitive data has been in the Cloud since organizations started offering online services. Think of paying bills, shopping, and other online services that require your personal information. There's no difference with an organization moving their data to the Cloud. So the question shouldn't focus on the safety of data, but the trust a company has in the provider of Cloud data services. I.e. if there is a certification board for these types of companies, then a company's data is as safe as personal data stored by financial institutions and online stores.