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Security of cloud apps

When it comes to cloud based applications like salesforce, office 365, what are the biggest security concerns when storing and managing sensitive data?   Does data need to be backed up outside of these systems in case of a failure?  Is it more secure to manage data in house rather than in the cloud?  What are the security risks of going to the cloud vs. staying on premise?  Is one better than the other for remote clients?

Thanks for your insights on these questions.
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It takes adaptation and careful consideration to move to the cloud and companies have to adjust to the new workflows and system changes after moving.

What new workflows would you be referring to?  Could you give an example?
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What new workflows would you be referring to?  Could you give an example?

Users often have to change the way they work because things they did before don't apply to cloud. Users need to get used to using Teams, get used to using SharePoint for file sharing, and a number of other changes that require adaptation. This will result in a learning curve for most of your users and your support teams will be taxed helping them out for quite a while after the transition.