The type of technology that allows data to be stored and processed over the internet is called cloud computing. This model enables users to access resources like storage, applications, and processing power via the internet, eliminating the need for local infrastructure. Cloud computing offers scalability, reliability, and cost-effectiveness, making it ideal for businesses of all sizes. Key providers like AWS, Google Cloud, and Microsoft Azure offer various services, allowing users to customize their cloud environments based on their specific needs and workloads.