This really has nothing to do with cloud and is more of an "all eggs in one basket" problem. I wish people would stop painting cloud itself as less capable.
The fact is, most cloud providers offer multiple regions, which have the capability of giving you more geographic redundancy than most companies that operate in their own datacenters have.
Whether you choose to adopt a multi-region or multi-datacenter architecture is really orthogonal to whether you choose cloud or on-prem.