A Sunday report from Reuters suggests that cloud computing services from Switzerland-based telco Swisscom might be the new Swiss bank account for some companies.

In the wake of leaks from former National Security Agency contractor Edward Snowden, Swisscom, which is majority-owned by the Swiss government, has said that its cloud services might be more attractive to foreign companies seeking to keep business secrets away from prying eyes. Instead of choosing a giant American provider that might have an NSA siphon of data (through the MUSCULAR program, for example) a company could store its data in the “Swiss Cloud” from Swisscom.

The company says it could offer a level of security from government watchers unavailable elsewhere in the world.

Of course, that could only be true for data that moves locally in Switzerland.

There are no guarantees of privacy as soon at the information crosses borders.     

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