Cloud is essentially the same IT hosted somewhere else. It will often have very similar properties to IT you would have hosted yourself.
Except the management perception is that its a sort of magic that makes everything 100% bulletproof reliable forever.
SaaS providers will use sorcery ensure their systems are far better than yours and that any kind of hiccup with system integrations or data will also be the customers "fault"
Major assumption that our providers will take a hit if there is ever a problem. reality is that it is your own brand and business that will suffer no matter how much you tell people the root cause was contractual.