This report is a comprehensive examination of the key risk themes in cloud security observed in 2025. It identifies five primary risks: Cloud Credential Theft, Lateral Movement in the Cloud, Vulnerable Cloud Storage, Cloud Supply Chain Risks, and Cloud AI Services. The report discusses how attackers are increasingly targeting cloud credentials, which can lead to unauthorized access and privilege escalation. It highlights trends in credential leakage, particularly through public repositories, and the resurgence of infostealers that exploit cloud environments. Additionally, the report addresses the risks associated with supply chain attacks and the implications of AI service vulnerabilities. Each risk is elaborated upon with specific examples and trends, including the methods used by threat actors and the potential impact on organizations. The document also emphasizes the importance of adhering to security frameworks and best practices to mitigate these risks effectively. Overall, it serves as a critical resource for understanding the evolving landscape of cloud security threats.