How is cloud computing related to information security?

I'm trying to understand more about technology, and from what I know so far, cloud computing is a "plum-pudding" model of information access. By that I mean there is a pool of computing giants (such as Microsoft and Google) that allow their users to have access to their services, but not know anything about how that information came to be. If this is wrong, please explain that in your answer too.

My question specifically asks that if so many different users can access the information that anyone else can access, how is security even possible?

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