You can't have too many backups. I have 3: The Synology NAS, a cloud based solution ($60/yr), and a rotating pair of local backup drives that I swap out monthly with one in a safe deposit box offsite - a kind of poor man's "Iron Mountain". If you don't have at least 1 backup set offsite, you need to reconsider. I had a co-worker who diligently backed up her laptop every day onto a portable hard drive. Said hard drive was in the laptop bag when the whole caboodle was stolen...
Back when I did software development, I had 6 copies of my work. At one point, I had to go "all the way out" to copy #6! Its a long story, not all copies were lost, but some were and the others were temporarily inaccessible, so the rolling 6 month archive of previous releases was what I restored from.