There arent much issues with Cloud actually. The thing is, server will be controlled by a third party and observed as well. So the security could be an issue. If you are using Cloud for a top priority task then it wont be a good idea. The sharing option can be a problem if you dont be careful. Others can access to your server and do whatever they want. Yes, there will be no hardware filled in your office but if you have critical information to handle then Cloud is not for you. For big and sensitive business, people usually build their own datacenter instead of using Cloud computing.
Cloud is growing fast and there are few implications which can be considered as potential risk.
Skilled resources: Cloud is emerging technologies and organizations have very few resources who are expert and there are potential gaps during implementations.
Limited customization: Legacy datacenters where all environments are built in house and customized for access and configuration. In cloud these customization limit to cloud provider capacities.
Security: In legacy environment, data is physically located in business boundaries and access to any data has additional layer of physical access. In cloud there is no physical access required, Any Human or system error can cause data leakage or loss to unintended people.
Pros: Moving to the cloud increases opportunities for collaboration between employees. They can sync and work on documents or shared apps with ease, often simultaneously, receiving updates in real time.
Cons: Firms has to maintain a consistent Internet connection to connect with the cloud server. Due to some security reasons not every business should place its data in the cloud.