“Only you will have access to your data, using your login and password.”
I admit that the statement above is ambiguous, which is why I think the answer isn't obvious, and which again is why I asked the question in the first place.
> “Only you will have access to your data, using your login and password.”
I don't remember their exact wording, but that sounds very similar to what Dropbox originally claimed (before it was determined that their employees absolutely did have access to your data).
I found only statements about transport layer security, not about storage.
Maybe it meant not "encrypted" but "protected"?