Cloud computing is a type of internet-based computing where services such as servers, storage, and applications are provided to organizations through the internet. It offers advantages like lower costs, unlimited storage, and universal access to documents from any device. However, it also has disadvantages like requiring a constant internet connection and potential security issues if data is not properly secured. There are different types of cloud models including infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).