According to Snowden it was conceived of as a way to get people to put all their information online to make it easier for NSA servers to scan it and file it with heuristic associations.
It is junk technology envisioned by idiots.
If you waste your corporation's money moving their sensitive data into the "cloud," they need to hold you personally responsible when it is stolen. You recommended it, the fault lies with you.
It is impossible to imagine any situation in which data would become more secure by taking it out from behind a secure firewall and putting it into a gigantic cloud data center managed by several third parties. Never, not in a million years. It is open defiance of good sense.