Privacy cannot come from human-made laws and regulations because they get abused on they change. Privacy comes from mathematics which do not care for laws and regulations.
Nice intel to have. Now, all that is needed for reasonable security is to avoid storing the key in the cloud. Duhhh.
Basic rule: Not your hardware (computer/drive), not your data.
Never store anything on someone else's hardware that you need to maintain full control over.
But, but, but encryption? It helps but encryption does not guarantee full access when you don't control the hardware.