There are two kinds of people: those who have data backup and those who will. From hardware breakdown, employee mistakes, ransomware, you need to backup your business data wherever it is. This includes cloud data like Microsoft 365 and Google Workspace and your web site.
How and where you backup your data affects your cyber-insurance and business risk.
The best backup is a full backup both local (in your office) and synched to the cloud. Full backups are faster to restore.
Further, your profession may dictate how long and where you should store your data (i.e. in Canada). Lawyers, accountants and realtors all have different requirements for how long they must store certain data.