Rackspace ‘Generation Cloud’ Research Shows Brits Could Be Stashing as Much as £24 Billion of Digital Assets in the Cloud

London, UK – 30 January 2012 – New research from Rackspace® Hosting (NYSE: RAX), the open cloud company, shows that Brits may be trusting the cloud* as never before with up to £24 billion** worth of digital assets stored remotely.

According to the survey, people are also keeping treasured memories in the cloud with 68 per cent storing an average of 920 photos online. They’re also storing an average of 226 music tracks and 45 video files in the cloud.

However, few are planning ahead with regards to what happens to these prized assets when they die. Only 32 per cent of respondents have made any kind of formal provision such as plans to share passwords with loved ones or leaving details in a will. This means that billions of pounds*** of digital assets could be potentially lost forever.

The study, ‘Generation Cloud 2012’, commissioned by Rackspace and backed by quantitative third party research of 2,000 UK adults also reveals:

• On average, people spend three hours every single day using cloud services – an increase of 45 minutes per day from 2011

• We’re trusting the cloud with important data – over half (55 per cent) of the respondents store passwords in the cloud with 39% keeping important financial or legal documents in the cloud such as credit card numbers, bank statements, and copies of their will.

• Security (cited by 57 per cent) and privacy (by 54 per cent) are the biggest concerns related to cloud services. Just 12 per cent said they ‘totally trust’ their cloud provider.

Fabio Torlini, VP at Rackspace, says: “It’s clear that the cloud has now become a massive part of our lives as we host our most treasured possessions in terms of both monetary and emotional value. With us already spending as much as three hours a day using cloud services, it’s now not too difficult to imagine a world where we no longer store data exclusively on our own computers and devices as we get used to having all that matters to us available wherever whenever we want it.”

Sarah Needham, Senior Associate at International law firm Taylor Wessing concludes: “There is no doubt that cloud computing is the key trend for the tech sector and for us as consumers over the short and long term. Consumers must re think their approach to the data they put in the cloud and how they can ensure that the content is protected as they wish after they die. The key message is still to check site terms and conditions match what you expect will be done with your data and consider including passwords in your will for your executors to manage your data after you have gone. Don't rely on the legislation tortoise to protect your data as the state will never be able to catch up with the innovation hare.”