Time limits on storing data

GDPR has regulations on how long data can be stored. Below is an excerpt from the European Commission describing this regulation:

Data must be stored for the shortest time possible. That period should take into account the reasons why your company/organization needs to process the data, as well as any legal obligations to keep the data for a fixed period of time (for example national labour, tax or anti-fraud laws requiring you to keep personal data about your employees for a defined period, product warranty duration, etc.).

Your company/organization should establish time limits to erase or review the data stored.

How could this rule affect a company using cloud computing?