Security in the cloud = less secure?

Security as a Service. Cloud hosted video or access control. All this fancy terminology as the security market (maybe better late than never) enters the Internet age and the age of Internet of Things. End users are thrilled about the TCO calculations of a hosted solution, pay less upfront, less hardware onsite all nicely baked into a monthly fee.

I read today that a security vendor is going more or less all-in with their R&D investments on cloud based solutions. And by all means let them, it is probably a good move considering the hype. In fact similar solutions are being developed where I work too. But looking at this I can´t help thinking, is it really a good idea to move your physical security, meaning the access control and video surveillance systems etc. that protects your assets, away from those very assets?

Sure, the TCO is appealing and you could also argue that there is no server onsite to be stolen or intentionally damaged. But consider what you are actually doing:

You are putting your security system in a remote area god knows where, where who knows who have access to the datacenters - connected over (mostly) a single non redundant internet connection.

To this I just have to quote two existing sayings;

1) There is no "cloud", only someone elses computer mounted in someone elses facility. 2) There is no 100% secure network connection.

Ok so I am ranting a bit here. In fact I definately do think cloud has a future in the security industry, but I think it is our responsibility as professionals in the market to make sure the end user is making an educated decision when choosing between standard onpremise and a cloud based security solution, and not just jump on the hype train because it´s cool.

What do you think?