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We would like to use prefect cloud for orchestrating jobs. If prefect cloud is compromised by a bad actor, would it be possible for them to infiltrate or exfiltrate arbitrary code/data to run on agents that are hosted on-prem behind firewall.

Prefect Cloud operates purely on metadata and your entire code and data remain on your infrastructure

this may help <https://www.prefect.io/why-prefect/hybrid-model/>