Over the weekend, around 4 p.m. US Eastern Standard Time, an AWS data center in Northern Virginia had an outage that caused problems for Netflix, IFTTT, AirBnB, and Instagram. Although Amazon outages cause the most problems because they're five times the size of 14 other cloud vendors combined, you should also be aware that this is a problem for all cloud services.
One commenter had an interesting idea called "uptime or else," where cloud providers would be required to pay penalties to customers for their outages. I think this would be a great motivator for cloud providers to do a better job, but I doubt that anyone will do something like this since it happens to all of them. Just remember that uptime guarantees are virtually meaningless.