I remember when the cloud first came out, when is go to professional seminars they were always pushing it. Why? I thought. Seemed like a terrible idea.
Just think some rogue nation gets a hold of one of the many cloud instances of say AWS or Azure which host Amazon, Walmart or any financial entity or such. Could be the largest data breach ever with all kinds of ransom like you would not believe.
But that can't happen so don't worry about it.
It’s stupid, which are usually the ideas that are pushed with the most vigor.
Lots of money involved is why. Billions in fact, if people buy into it, and like the sheep that most people are, they bought into it, hook, line & sinker,
What is old is new again. Way back in the dark ages, we had mainframes. All data was centralized, and you had dedicated connections to it. Security and data integrity were handled by professionals whose job it was to do so.
Then came the PC era, and things got a lot more decentralized. Unfortunately, security and data integrity were not really considered so much in this, and we had a lot of problems with both.
Now things are swinging back to a more centralized situation. Unfortunately, rather than using one big box to manage these things, we have thousands of small ones. From what I've seen security is spotty. Worse, you don't actually own those servers the way you would have when it was in your own datacenter. (Talk to folks at Parlor who got completely deplatformed by Amazon.)
Basically the cloud is just someone else's computer that you rent. You don't really control anything that is not in your possession, but no one who matters seems to care. Personally, I don't really know how even large corps that have serious resources can think this is a good thing.