Is cloud environment safe?

I'm curious to know, is the cloud environment truly SAFE for storing and managing cryptocurrency and financial data? With the increasing reliance on cloud-based services, it's essential to understand the potential risks and vulnerabilities associated with this technology. Can you elaborate on the measures in place to ensure the security and privacy of sensitive information in a cloud environment? Additionally, what are some best practices for individuals and businesses to adopt when utilizing cloud services for cryptocurrency and financial transactions?