Calling a service going down a "danger of the cloud" is sensationalist, like calling any pervert who has ever touched a keyboard an "Internet predator." The adjective 'Internet' in that case, or 'cloud' in this one, does not usefully divide the problem space.

Your service will have the same amount of unpredictable black-swan downtime whether it is local or remote. The difference is, when the only person you have to blame is yourself (or someone you empathize with), you mentally downplay the downtime—whereas, when you can point a finger and create a mental "us/them" division, you exaggerate it.