Yet, a recent uproar over the service for consumers raised several important questions about cloud storage. Many of these consumer-level questions--?about who owns your data, how the data can be used and what happens if the data is lost or stolen--are helpful for enterprise executives to ask as well. The answers may depend on the fine print in your own contract with a provider.

Every so often, a debate about cloud storage crops up, and it presents a good opportunity for IT executives to take stock of their own agreements, especially when it comes to storage. Last week, Google announced Google Drive with great fanfare. Within a few hours, users were already gaining access to the service, which provided 5GB of document and media storage for free.

According to the Google terms of service, Google has the right to use consumer data to improve and even promote their own services. The company also has the right, according to the terms of service, to create "derivative works" from content stored in Google Drive, and to "publically display and distribute such content" even with their partners. Yet, the wording is not necessarily that alarming.

That's because, with most cloud storage vendors, the policies tend to be open to interpretation.