Infrastructure as a service
Also known as IaaS
Renting virtual servers, storage, and networking from a cloud provider while retaining responsibility for the operating system upward.
IaaS is the closest cloud equivalent to owning servers. The provider handles hardware, power, and the hypervisor; you still patch the operating system, configure the firewall, and back up the data.
The most frequent misunderstanding is assuming the provider covers more than they do. Moving a server to the cloud does not outsource its patching or its backup.
Where this comes up
Infrastructure as a service sits inside our microsoft 365 and cloud work. If you are trying to work out what this means for your own environment rather than in the abstract, that is the page worth reading next, and a short call will get you a straight answer faster than either.