I think most people aware of Hikvision at this point understand the lack of privacy and security. This seems to take it up to a new level though with their software being used to distribute hacked material obtained by bad actors. Marked as NSFW purely due to the sensitive subject matter of the article.
I work in the field of live video surveillance for commercial customers (why I came across this) and I have no idea why someone would put up any sort of cloud solution where privacy was a concern. Every time an article comes out in regard to these cloud solutions it’s about massive security flaws or from the people managing the cloud solution itself abusing access. Also in general cloud cameras are becoming Hostage As A Service where the cameras are nearly useless without paying subscriptions to these services. In general I would warn people against cloud solutions unless there happened to be a very specific instance where the tradeoff was worth it. None of those situations come to mind though.