Discussions related cloud usually takes a wrong route! Rather than starting from existing problems and think how to address them and consider cloud as one of the options, customers tent to think about pitfalls of the cloud!
Realistically speaking, nothing is perfect, including the cloud! cloud is evergreen by nature; each day new services, enhancements and modifications are done to make it even better – and sometimes worse! -. AWS has been there since 2004, and yet we see changes happening almost every day.
Long story short, rather that focusing on the pitfalls of the cloud, please take a realistic perspective thinking about what you have right now and how you can make it better. I assure you, in most cases, you current setup on-premise is most probably, worse that what you currently have!
One last thought on this, cloud adoption/migration is actually a very good driver to transform your operating model, pay your technical debt, discover and address all blind spots in your current setup, and hopefully start to innovate!