Earlier quoted context omitted.
On disk somewhere (encrypted, with a different key) is not the same as "leaving the keys into the lock" in a large distributed system designed to avoid single points of failure. There are always weaknesses, but think about why a bank employee can't just decide to take your money. Internal controls are a thing.
>> Internal controls are a thing. That's what ACL is...The encryption doesn't improve the security of the data if the keys are not stored securely. Simply put the data security is as good as the ACL of the keys is. For your peace of mind you may want to know the processes(i.e. audits, ISO standards/certifications) rather than a marketing keyword("encryption", "military grade" etc). Encryption may be part of that fram…
Privacy is mostly not about keeping data from the government. Your bank account is private for most practical purposes though I'm sure with a warrant, law enforcement can find out about it. It's not going to show up in the news and your competitors aren't going to see your bank statements.
Also, Google isn't handing your private email over to advertisers - never has, probably never will.
Authentication and authorization (ACL's) are useful for both security and privacy. This is what makes cloud computing possible (along with encryption, too).
Yes, we can talk about weaknesses in our systems, but let's not completely dismiss the security and privacy features that are already there.