"What if the service you're using merges with another company or goes bankrupt?" he said. "...What if your business has information that has information relevant to your competitor?"

One trend that Jacobs said could pose a risk to enterprise was the growing appeal of Google Apps, with attacks , often causing personal data to be leaked.

Jacobs used the example of as one that could create such a privacy breach.

"I'm told, upon investigating, that the University of Melbourne have done their homework," he said. "But...the users, many of them are uneasy about it, and one could say there would be value in the data of the students."

While data breaches in the cloud are something that organisations should be wary of, Jacobs said the government shouldn't create regulations around specific cloud threats.