In this lesson, Nick Palazzo, CPA, dives into the transformative world of cloud computing, illustrating its impact with relatable anecdotes about the evolution from physical storage to cloud-based solutions. He explains the essentials of cloud computing service models, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), providing real-world examples like Amazon Web Services and Google Workspace to clarify these concepts. Further, Nick elaborates on the deployment models of cloud computing, detailing the distinctions and uses of public, private, and hybrid clouds. He discusses the convenience and risk factors associated with each model, emphasizing the importance of understanding these elements for effective decision-making and risk assessment in cloud computing environments. Additionally, pros and cons of different cloud services are analyzed, helping to paint a comprehensive picture of today's cloud computing landscape.