Will NSA snooping discourage people from using cloud-based services?

Now that the NSA whistleblower Edward Snowden has let everyone know that everything they upload to cloud-based storage systems is not private and accessible to America's National Security Agency (and, perhaps to anyone else who has cracked the codes or has a key to the "backdoor"), will this effect consumer behavior? Companies that rely on cloud computing, like Google, Yahoo and Microsoft are alarmed enough to be taking their own protective measures. But will the customers even care? Evidence is emerging that, some people and businesses at least, are suddenly beginning to have doubts about the wisdom of entrusting their confidential data to cloud services. Given that industries like banking have been so successful in persuading customers that it was safe to conduct transactions online, the recent backlash may be massively disruptive to businesses that rely on digital transactions for survival. Will we see a move away from cloud-based services? This is a trend in the making.