Cloud storage on third party sites, he contends, is not a panacea: in addition to the hacker threat, he sees potential legal issues if your hosting site happens to go out of business.

FORBES: CES: EMC's Iomega Pushing 'The Personal Cloud'

This myth comes from the latency issues found in older hosting models.

FORBES: Cloud and Performance... Myths and Reality

This is not the first time this year Amazon has had issues with AWS and EC2 hosting.

FORBES: Amazon AWS Goes Down Again, Takes Reddit With It

On Friday, the Cato Institute is hosting two panel discussions, one on each of two issues scheduled for oral arguments, the severability of the Individual Mandate, and the constitutionality of the Medicaid expansion.

FORBES: Supreme Court Pre-Game Show

And if I want to offer hosting services to my clients I could run into some licensing issues too.

FORBES: Amazon's EC2...Almost As Promising As Cliff Lee

The APEC conference that we're hosting here is going to have some very concrete deliverables around issues like regulatory convergence, which permits countries to all think about whether our regulations are as efficient, as effective as they can be, or where are they standing in the way of smart trade.

WHITEHOUSE: President Obama at the APEC Business Summit

By hosting such services in house, you are already exposed to potential downtime issues and you have probably already experienced some.

FORBES: Is Your Data Safe In The Cloud?