Computing power and flexibility provided by cloud technologies represent an opportunity for Smart Grid applications, in general, and for Wide Area Monitoring Systems, in particular. Even though the cloud model is considered efficient for Smart Grids, it has stringent constraints in terms of security and reliability. An attack to the integrity or confidentiality of data may have a devastating impact for the system itself and for the surrounding environment. The main security risk is represented by malicious insiders, i.e., malevolent employees having privileged access to the hosting machines. In this paper, we evaluate a powerful hardening approach that could be leveraged to protect synchrophasor data processed at cloud level. In particular, we propose the use of homomorphic encryption to address risks related to malicious insiders. Our goal is to estimate the feasibility of such a security solution by verifying the compliance with frame rate requirements typical of synchrophasor standards.