If however, our internal IT group didn't read the manual correctly and set up our cloud service access parameters incorrectly so that anyone who was trying to probe our defenses could access the formula, Jim from IT is looking for a new job.
See the difference?
You'd never hear about if it the cloud service was taking your corporate data and using it for countless other things though. Insider trading, selling leads to your competitors, pushing ads to your clients/customers with offers of their own products, using trends in what your company and others are doing to guide development of their own products and services. Done carefully, you'd never be able to trace any of it back to them and it'd take a whistleblower for you to find out it happened in the first place.
I don't imagine any cloud service that has massive amounts of data which could easily make them a ton of money is just ignoring it.
I doubt they want to risk their reputation, trust and agreements to make money in the ways you describe.