@ shyamalmitra Unfortunately, you can probably count on it. "The Cloud" is just a euphemism for a really big server room connected to your computer via the internet. Think of it as an external drive for your pc, but many miles away and maintained by someone not you. It also means that if, for some reason, you happen to miss the stream (or single) email telling you that "MyOSoSafeCloud.com" is going out of business and that you need to make rapid alternate plans for your data housing ... well, you will no longer have data to house.
IMHO, cloud storage to me is like how Apple likes to do computing. Slap a simple happy face on it, don't show anyone the messy inner-workings, keep anything technical away from the conversation and everyone's happy. Until something goes really wrong at 3am the night before you're preparing for the most important thing ever and what you need to present at 9am is suddenly gone. Along with any and all traces of how to get to it, how you ever got to it and how to get back to it. *poof* just like that you're computing life is over.
It's already happened to me twice. My current method of doing things is this: whatever free cloud storage being given will undoubtedly one day not be free. I keep shareable things out there ... like pictures of my dog. stupid lists (my favorite words, etc).
There is no such thing as too much backup, kept away from your PC and kept on a continually updated, roating media basis. And one day, perhaps I'll actually start doing it for myself. : )