The short answer – Yes.
Your data is arguably safer in the cloud than a personal data center. Unlike an isolated data center, the cloud benefits from economy of scale. Some of the larger cloud providers have upwards to 1M customers, representing a spectrum of industries and system configurations. All cloud customers benefit as a cloud provider patches and upgrade their infrastructure.
When considering cloud security, be sure to use a trusted cloud provider. If you have vendors who use cloud providers for their services, ensure the vendor’s provider is a trusted one.
Equally important is the security within system layers, such as database security, application security, etc. Conversations around data and app security should be at the forefront and clearly described in your system documentation.
Your technology architect