What is a cold wallet?

Could you please elaborate on the concept of a cold wallet in the context of cryptocurrency? Specifically, I'm interested in understanding how it differs from a hot wallet, the security benefits it offers, and how users typically store and access their cryptocurrencies in a cold wallet environment. Additionally, I'd like to know if there are any specific types of cold wallets available and if there are any risks associated with using one. Your explanation would be greatly appreciated.