Dropbox is convenient but how secure is it?

This question is driving me a little nuts lately:

A potential security lapse and possibly misleading statements are plaguing Dropbox, a hugely popular file-syncing app. What are the issues and is concern justified?

I migrated all my client data off Dropbox and into SpiderOak but it seems SpiderOak doesn’t offer Dropbox-like sync between my team members.

I’ve been testing out BitTorrent Sync but it also have a few challenges and probably isn’t feasible for now (no remote wipe is a problem). I have been using JungleDisk for secure backup to Amazon S3. It has a sync function which works a bit like Dropbox but it could be a real pain to implement.

I am wondering if I am being a teensy bit too paranoid about Dropbox so I am looking forward to reading this article. My concerns about Dropbox are that I don’t control the encryption keys; that there have been a couple really bad security exploits lately and I will never know if some government agency wants access to the data we hold.

One option, I imagine, is an OwnCloud installation but I’m not too sure what the security implications of that are. Is OwnCloud inherently secure or does it depend entirely on the server capabilities?

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